bullish

Satoshi

when

Chainlink

The price of Chainlink’s LINK (<a data-ct-non-breakable="null" href="https://cointelegraph.com/chainlink-price-index" rel="null" target="null" text="null" title="null">LINK</a>) token outperformed the crypto market on Dec. 3, posting a 27% daily gain following a collaboration with a European Union-based firm to launch a tokenized asset settlement system.
The price of LINK is up 50% over the last week and 125% in the past 30 days.
Data from <a data-ct-non-breakable="null" href="https://subscription.cointelegraph.com/?_gl=1*7499wx*_ga*MTQ0MzQ0NzI4Ny4xNzE2MzY1NTA0*_ga_53R24TEEB1*MTcxNjM2NTUwNC4xLjEuMTcxNjM2Njg2MC4wLjAuMA.." rel="null" target="null" text="null" title="null">Cointelegraph Markets Pro</a> and <a data-ct-non-breakable="null" href="https://www.tradingview.com/symbols/BTCUSD/?exchange=BINANCE" rel="null" target="null" text="null" title="null">TradingView</a> shows LINK painted a “god candle” on Dec. 3, rising from a low of $18.58 and climbing as much as 45% to a two-year high of $26.92.
<figure>
 <img alt="Chainlink ‘god candle’ appears as LINK price soars 27% in 24 hours" src="https://s3.cointelegraph.com/uploads/2024-12/01938cd3-8239-781a-a7a4-92cfed5d964a" title="">
 <figcaption style="text-align: center;">
 LINK/USD daily chart. Source: Cointelegraph/<a data-ct-non-breakable="null" href="https://www.tradingview.com/x/qMCh5LOl/" rel="null" target="null" text="null" title="https://www.tradingview.com/x/qMCh5LOl/">TradingView</a>
 </figcaption>
</figure>
Trading activity has also moved in tandem with LINK’s price surge. Its spot trading volumes topped $8.6 billion on Dec. 3, rising by 271% over the last day. Its market capitalization is currently at $15.52 billion, cementing its position as the 15th largest cryptocurrency.
<h2 id="europe-s-first-eu-regulated-tokenized-securities-market">Europe’s first EU-regulated tokenized securities market</h2>
The <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/chainlink-token-surges-29-percent-link-true-bank-coin" rel="null" target="null" text="null" title="null">LINK price rally</a> follows the community’s excitement over the strategic partnership between <a data-ct-non-breakable="null" href="https://cointelegraph.com/learn/articles/what-is-chainlink-a-beginners-guide-to-the-cross-chain-interoperability-protocol" rel="null" target="null" text="null" title="null">Chainlink</a> and 21X, a platform specializing in tokenized money and securities, to launch Europe’s first EU-regulated tokenized securities market.&nbsp;
Chainlink will supply its Cross-Chain Interoperability Protocol (CCIP), which will help 21X settle assets from multiple chains. 21X considers <a data-ct-non-breakable="null" href="https://cointelegraph.com/learn/articles/stablecoins-101-what-are-crypto-stablecoins-and-how-do-they-work" rel="null" target="null" text="null" title="null">stablecoins</a> tokenized assets that will be onboarded from multiple chains and accessible to clients.
<figure>
 <img alt="Chainlink ‘god candle’ appears as LINK price soars 27% in 24 hours" src="https://s3.cointelegraph.com/uploads/2024-12/01938cd4-1973-7c67-ab86-247999533c72" title="">
 <figcaption style="text-align: center;">
 Source: <a data-ct-non-breakable="null" href="https://x.com/chainlink/status/1863582222550245635" rel="null" target="null" text="null" title="https://x.com/chainlink/status/1863582222550245635">Chainlink</a>
 </figcaption>
</figure>
With this technology, 21X can integrate real-time market data and facilitate asset transfers across multiple blockchains.
“We are thrilled to partner with Chainlink as we prepare to launch Europe’s first tokenized securities market infrastructure,” <a data-ct-non-breakable="null" href="https://21x.eu/21x-announces-partnership-with-chainlink-in-preparation-for-the-launch-of-its-eu-regulated-trading-and-settlement-system-a-part-of-its-market-infrastructure-for-tokenized-securities/" rel="null" target="null" text="null" title="null">said</a> Max Heinzle, founder and CEO of 21X, adding:&nbsp;
<blockquote>
 “By leveraging Chainlink’s technology, we will offer a secure and efficient platform for trading and settlement on a public permissionless blockchain.”
</blockquote>
<h2 id="strong-chainlink-network-activity-soars-strong">Chainlink network activity soars</h2>
Chainlink’s network activity is surging along with LINK’s price, according to data from market intelligence firm CryptoQuant.
The number of daily transactions increased from 6,437 on Nov. 29 to a two-year high of 24,901 on Dec. 2, a 286% surge.
<figure>
 <img alt="Cryptocurrencies, Markets, Chainlink, Market Analysis, Altcoin Watch" src="https://s3.cointelegraph.com/uploads/2024-12/01938cee-d2b0-7fff-b348-e6f1599d5b87" title="">
 <figcaption style="text-align: center;">
 Chainlink transaction count. Source: CryptoQuant
 </figcaption>
</figure>
The number of active addresses has also jumped by 179% over the same period. This points to increasing adoption of the Chainlink ecosystem, which drives up demand for LINK.
<h2 id="strong-chainlink-trader-sets-50-price-target-strong">Chainlink trader sets $50 price target</h2>
The relative strength index is sloping down and is in the overbought region at 79, suggesting that the upward momentum is running out of steam.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/chainlink-introduces-chainlink-runtime-environment-framework" rel="null" target="null" text="null" title="https://cointelegraph.com/news/chainlink-introduces-chainlink-runtime-environment-framework">Chainlink introduces the ‘Chainlink Runtime Environment’ framework</a>
However, the appearance of a “golden cross” on the daily chart may help the rally continue.
A <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/what-is-a-golden-cross-pattern-and-how-does-it-work" rel="null" target="null" text="null" title="null">golden cross</a> is a bullish technical pattern that occurs when a shorter-term moving average, typically the 50-day moving average (MA), crosses above a longer-term moving average, usually the 200-day MA.
The formation of this bullish signal on Nov. 30 saw the LINK price make a decisive move above the neckline of a U-shaped recovery pattern at $19.
<figure>
 <img alt="Chainlink ‘god candle’ appears as LINK price soars 27% in 24 hours" src="https://s3.cointelegraph.com/uploads/2024-12/01938cd5-72f2-7e43-8743-25297adb63f5" title="">
 <figcaption style="text-align: center;">
 LINK/USD daily chart. Source: Cointelegraph/<a data-ct-non-breakable="null" href="https://www.tradingview.com/x/GSbhL1C8/" rel="null" target="null" text="null" title="https://www.tradingview.com/x/GSbhL1C8/">TradingView</a>
 </figcaption>
</figure>
A decisive move close above $25 will likely serve as a launchpad toward the bullish target of the prevailing pattern at $30, or 21% gains from the current price.&nbsp;
But other market commentators are even more bullish going into 2025. For example, pseudonymous trader Satoshi Flipper <a data-ct-non-breakable="null" href="https://x.com/SatoshiFlipper/status/1863893143264903504" rel="null" target="null" text="null" title="null">said</a> now that the price has broken above the barrier at $22, it is now on track to areas above $50.
<blockquote>
 “It's $LINK SEASON, now we do $22 --&gt; $52”
</blockquote>
<figure>
 <img alt="Chainlink ‘god candle’ appears as LINK price soars 27% in 24 hours" src="https://s3.cointelegraph.com/uploads/2024-12/01938cd5-e1ba-735b-850e-7fe89419d646" title="">
 <figcaption style="text-align: center;">
 LINK price breaking above a falling wedge. Source: <a data-ct-non-breakable="null" href="https://x.com/SatoshiFlipper/status/1863893143264903504" rel="null" target="null" text="null" title="https://x.com/SatoshiFlipper/status/1863893143264903504">Satoshi Flipper</a>
 </figcaption>
</figure>
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Chainlink ‘god candle’ appears as LINK price soars 27% in 24 hours

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