Chainlink Price Jumps 2% – Is This Crypto Going to Explode Next?

On Dec 13, 2024

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The Chainlink price jumped 2% in the last 24 hours to trade at $29.15 as of 2:00 a.m. EST on trading volume that skyrocketed 45% to $3.6 billion.

The LINK price also surged over 23% on the weekly chart, which closely resembles Bitcoin’s performance. This comes after LINK saw a small price boost last Friday, rising to the resistance at $26, only to spend most of the last weekend trying to breach it.

The crypto then got rejected by the $20 mark on Monday, only for the price to start another increase on late Tuesday, which brought a slow increase back to $24. Yesterday, the price shot up to the resistance at $30, which it has been trying to breach ever since.

As mentioned, this performance closely resembles Bitcoin’s price surge, with the pioneering cryptocurrency struggling to breach the resistance at $102.5K. While LINK has since been rejected by the $29.15 barrier, Bitcoin has also dropped to $100K.

However, Chainlink did see some positive developments recently that may have contributed to its price surge, such as its partnership with Coinbase, announced on Dec. 10.

We’re excited to announce that our Project Diamond platform is integrating the @Chainlink standard for onchain finance.
Chainlink will unlock utility and unify liquidity across the Project Diamond platform.
Learn more: https://t.co/VxSiAbqxpo pic.twitter.com/6LkaSNuz2G
— Coinbase Institutional 🛡️ (@CoinbaseInsto) December 10, 2024

Chainlink Price Prediction

Following its price surge which took it to a 3-year high at $30.76, the LINK price saw a correction to a support at $29. However, its technical indicators are already showing signs of a potential recovery.

The project’s Bollinger Bands have narrowed after reaching the resistance at $30, but have since started widening again, which is a positive signal. The price still performed negatively over the last few hours, dropping first to the middle point of the indicator, and eventually sinking to the lower line of the Bollinger Bands.

However, as of the time of writing, it is already recovering and heading back to the middle point, suggesting that the price might see another increase throughout the day.

Chainlink Price Prediction

The crypto’s Relative Strength Index (RSI) also shows that the traders have engaged in a sell-off after the price reached its 3-year peak. The RSI started spiraling down, and while it initially seemed like it would bounce back up after reaching the neutral zone, it eventually started dropping further.

Since then, its descent has slowed down somewhat, showing hesitance to push it into the oversold zone, although it is not impossible for this to eventually happen. Still, with Bitcoin starting to recover from its own drop, the altcoin market, LINK included, could start recovering as well.

However, it is worth noting that the uncertainty is high in the market right now, and that unpredictable fluctuations are a strong possibility. Therefore, traders need to remain cautious.

Promising Alternative To Chainlink

While Chainlink finally started rising back to its 2021 heights, the price has encountered strong resistances along the way which are currently blocking its path forward. As a result, many are looking into alternative investments, with Best Wallet (BEST) being one of the most popular options.

BEST is the native cryptocurrency of Best Wallet — a bitcoin and crypto wallet that supports over 60 different blockchains, as well as all the cryptocurrencies running on them. Apart from that, it is also a multi-wallet app, meaning that you can connect your other wallets to it and manage all of your portfolios from one place.

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— Best Wallet (@BestWalletHQ) November 25, 2024

Best Wallet is non-custodial, so you are the only one who will be able to access your funds. This increases trust and reduces the chances of manipulation, theft, and similar misuse.

The BEST token, which recently entered presale, has become a popular purchase in the last few weeks. Its ICO has already raised over $3.8 million and is now approaching the $4 million milestone.

The token sells for only $0.023125, but its price will see a scheduled increase in about 36 hours, so buying before that happens would be more rewarding by the time it sees launch. Owning the token also secures a number of unique benefits and perks, including reduced transfer fees, early access to new projects, higher staking rewards, and access to community governance.

A popular crypto YouTuber, ClayBro, who has over 133K subscribers, recently said that the BEST token is showing huge demand. He added that the token has at least 10X potential.