Chainlink (LINK) Price Soars 20% as Trump’s World Liberty Financial Fuels Rally

Chainlink (LINK) price is up more than 20% in the last 24 hours, reaching its highest levels in three years. The recent surge pushed LINK to approximately $28, breaking past key resistance levels and signaling renewed bullish momentum.

However, while the price rally is significant, whale accumulation remains stable, and LINK’s RSI suggests the uptrend may face challenges. Whether LINK can sustain its momentum or test its strong support around $26.9 will likely shape its short-term trajectory.

LINK Whales Stay Away Despite the Price Surge

Despite the recent price surge, driven by Trump’s World Liberty Financial, the number of whales accumulating LINK has remained stable. Currently, 524 wallets hold between 100,000 and 1,000,000 LINK, a figure nearly unchanged from one week ago when it stood at 525.

This stability follows a notable decline in whale activity, as their numbers have been consistently dropping since November 19, when 558 wallets held similar amounts of LINK.

Addresses Holding Between 100,000 to 1,000,000 LINK. Source: Santiment

Tracking whale activity is essential because these large holders can significantly influence market trends. Their consistent accumulation or distribution often precedes major price movements. The recent stabilization in whale numbers, following weeks of decline, could indicate a shift in market sentiment.

While the drop suggests reduced confidence or profit-taking among whales, the current pause may hint at potential price consolidation or a possible reversal in the short term.

Chainlink RSI Is Testing To Break the 70 Level

Chainlink RSI is currently at 66, down from briefly exceeding 70. This marks a significant recovery from its December 9 level of 32, indicating strong upward momentum over the past week.

However, the failure to sustain RSI above 70 highlights a potential resistance in its current uptrend, raising questions about the strength of the surge.

LINK RSI. Source: TradingView

RSI, or Relative Strength Index, measures the speed and magnitude of price changes to assess overbought or oversold conditions. Values above 70 typically indicate overbought levels, suggesting the asset could face selling pressure, while values below 30 signal oversold conditions, often associated with potential buying opportunities.

For Chainlink, 70 appears to be a key barrier; if RSI can hold above this level for several days, the price could continue climbing. However, its recent inability to maintain above 70 suggests the current uptrend might be losing momentum, potentially leading to short-term price consolidation or a pullback.

LINK Price Prediction: Can It Reach $35 Next?

LINK price recent surge to approximately $28 marks its highest price since January 2022. If the current uptrend reverses, the first strong support level lies around $26.9.

Should that fail to hold, LINK price could decline further to $22.4 or even $19, levels that would represent significant retracements from its recent gains. These support levels are critical in preventing a deeper correction as the market tests the strength of the current rally.

LINK Price Analysis. Source: TradingView

On the other hand, if the uptrend continues, LINK price is now less than 8% away from reclaiming the $30 mark, a price it hasn’t reached since November 2021.

Breaking through resistance at $28 and $29 could pave the way for further upside, with $35 being a potential next target.