Major

Momentum

Chainlink

<p>Following a slow price action for months, the Chainlink (LINK) price is again among top crypto gainers. LINK is now trading above $25 after pumping 30% today.</p>
<h2 class="wp-block-heading" id="a-major-partnership-driving-momentum">A Major Partnership Driving Momentum</h2>
<p>This news broke out late last night and might be one of the main reasons for the pump: Chainlink and 21X have partnered to launch the first EU-regulated financial market infrastructure.</p>
<p>This partnership represents a milestone for Chainlink, potentially opening up new opportunities in the regulated European financial market. By collaborating with 21X, Chainlink is positioning itself as a key player in bridging traditional financial systems with blockchain technology.</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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   <p lang="en" dir="ltr"><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f1ea-1f1fa.png" alt="🇪🇺" class="wp-smiley" style="height: 1em; max-height: 1em;"> TODAY: Chainlink and 21X have partnered to launch the first EU-regulated financial market infrastructure. <a href="https://t.co/YgYhh5KWBz" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/YgYhh5KWBz</a></p>— Cointelegraph (@Cointelegraph) <a href="https://twitter.com/Cointelegraph/status/1863649080410509359?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">December 2, 2024</a>
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<h2 class="wp-block-heading" id="technical-analysis-and-price-outlook">Technical Analysis and Price Outlook</h2>
<p>World of Charts updated his Chainlink price outlook in a recent viral tweet, providing insights into the cryptocurrency’s current trajectory.</p>
<p>The descending wedge or triangle pattern played out perfectly, with <a href="https://captainaltcoin.com/analysts-explain-why-chainlink-link-price-might-exceed-150-by-2025/" target="_blank" rel="noopener noreferrer nofollow">the LINK price breaking out</a> above the upper resistance line and confirming a bullish trend reversal. This breakout has already led to a significant rally, pushing the price to $25.80, substantially higher than the initial $14–$15 breakout zone. The sustained bullish momentum suggests potential for further price appreciation.</p>
<p>Currently, the $14–$15 range, previously a resistance level, now acts as key support. This level could provide a solid foundation for any potential retracement. A minor support level has also emerged around $20, where price action consolidated briefly before its recent upward movement.</p>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="580" src="https://captainaltcoin.com/wp-content/uploads/2024/12/image-123-1024x580.png" alt="" class="wp-image-591953" srcset="https://captainaltcoin.com/wp-content/uploads/2024/12/image-123-1024x580.png 1024w, https://captainaltcoin.com/wp-content/uploads/2024/12/image-123-300x170.png 300w, https://captainaltcoin.com/wp-content/uploads/2024/12/image-123-768x435.png 768w, https://captainaltcoin.com/wp-content/uploads/2024/12/image-123-1536x870.png 1536w, https://captainaltcoin.com/wp-content/uploads/2024/12/image-123-2048x1160.png 2048w, https://captainaltcoin.com/wp-content/uploads/2024/12/image-123-265x150.png 265w, https://captainaltcoin.com/wp-content/uploads/2024/12/image-123-100x57.png 100w, https://captainaltcoin.com/wp-content/uploads/2024/12/image-123-618x350.png 618w, https://captainaltcoin.com/wp-content/uploads/2024/12/image-123-788x446.png 788w, https://captainaltcoin.com/wp-content/uploads/2024/12/image-123.png 1919w" sizes="(max-width: 1024px) 100vw, 1024px">
 <figcaption class="wp-element-caption"><em><strong>Source: <a href="https://x.com/WorldOfCharts1/status/1863676703660286105" target="_blank" rel="noopener noreferrer nofollow">X/@WorldOfCharts1</a></strong></em>
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<p>The Chainlink price is approaching a psychological resistance level around $30, which could trigger some profit-taking by traders. Beyond this point, the chart projects a potential target of $43.47, representing a substantial 232.9% gain from the initial breakout level. However, traders should be aware that such significant moves often come with periods of consolidation or minor pullbacks.</p>
<p>The cryptocurrency has already achieved nearly 84% gains from its breakout zone, demonstrating strong momentum. While the current trajectory looks promising, it’s essential to recognize that cryptocurrency markets can be highly volatile. Potential pullbacks to support levels at $20 or $15 could occur before any continued upward movement toward the projected target.</p>
<p><em><strong>Read also: <a href="https://captainaltcoin.com/hederas-macro-support-line-holds-strong-as-hbar-price-hits-0-35-heres-the-next-target/" target="_blank" rel="noopener noreferrer nofollow">Hedera’s Macro Support Line Holds Strong as HBAR Price Hits $0.35: Here’s the Next Target</a></strong></em></p>
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<p>The post <a href="https://captainaltcoin.com/why-is-chainlink-link-price-up-3/" rel="noopener noreferrer nofollow">Why Is Chainlink (LINK) Price Up?</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

Why Is Chainlink (LINK) Price Up?

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