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Chainlink’s LINK token is on the brink of breaking a critical resistance level of $18, signaling potential for significant price growth driven by strong adoption and technical momentum.
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Recent trading activity indicates that LINK has escaped a long-term downtrend, bolstered by increased on-chain transactions and a reduction in selling pressure, positioning it for a potential rally towards $35.
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According to COINOTAG, “LINK’s ascent in cumulative transaction value, reportedly hitting $17.3 trillion, underscores its growing relevance in the blockchain ecosystem and investor interest.”
Chainlink’s LINK prepares for a potential breakout as it nears $18 resistance, backed by rising adoption and technical indicators signaling bullish momentum.
LINK breaking $18: The first hurdle toward $35
LINK’s recent price action indicated that the token was in a strong bullish phase. After successfully breaking through the $15.44 resistance, LINK now faces its next major challenge at $18.
Notably, the price has exited a prolonged downward channel, signaling a shift in sentiment.
Breaking through $18 would set the stage for LINK to aim for $35, its next significant target.
This level represented a potential 101.6% increase from press time prices, underscoring the importance of maintaining this momentum.
Source: TradingView
Technical Indicators Suggest Continued Strength
LINK’s technical indicators provided a solid foundation for the ongoing rally. The 9-day and 21-day moving averages recently completed a bullish crossover, confirming upward momentum.
Additionally, the MACD indicator remained firmly positive, with the MACD line above the signal line and the histogram expanding steadily.
These signals reinforced the likelihood of LINK breaking $18 in the near term and continuing its upward trajectory.
Source: TradingView
On-chain Activity Accelerates Adoption
The increase in daily active addresses for Chainlink was encouraging as well.
On the 23rd of November, active addresses surged to 7,417, highlighting growing user engagement and interest in Chainlink’s ecosystem.
This surge in participation supports the token’s price growth, as increased demand often drives stronger market confidence. Therefore, adoption trends continue to favor LINK’s bullish outlook.
Source: Santiment
Declining Selling Pressure
Moreover, the reduction in exchange reserves strengthened the bullish case for Chainlink.
With exchange reserves falling to 161.37 million tokens—a 0.13% decline over the past 24 hours—selling pressure has decreased.
This decline indicates that fewer tokens are being moved to exchanges, reducing the likelihood of significant sell-offs. Therefore, this metric aligns with the technical outlook for further gains.
Source: CryptoQuant
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Conclusion: LINK is primed for $35
In conclusion, Chainlink’s strong technical indicators, surging on-chain activity, and reduced selling pressure positioned it to not only break the $18 resistance but also rally toward the $35 target.
The alignment of these metrics pointed to a sustained bullish trend, making a move to $35 not just possible but increasingly probable if the momentum continues.
