Chainlink Price Prediction: Will $30 be tested over the weekend?

Saif Naqvi
Source: medium

Chainlink’s price was a breath of fresh air considering a broader market that has been marred by trading outflows. The alt was the highest gainer of the week, registering a 35% Return on Investment as per CoinMarketCap. A close above the important 50% Fibonacci level would help fuel another 22% surge before sellers respond. At the time of writing, LINK traded at $26.13, up by 6% over the last 24 hours.

Chainlink Daily Chart

Source: TradingView

Chainlink’s bullish start to 2022 was helped by a major supporting trendline which has been active since July 2020. Since then, LINK has tested this trendline on four occasions, each leading to a gradual market recovery.

The last contact at this trendline was made on Dec 15, after which LINK registered a near 60% percentage hike. The move was partly helped by an ascending triangle breakout as well. Currently, LINK had cemented its value above the daily 200-SMA (green) and was expected to make more progress on the chart. A close above the 50% Fibonacci level (calculated from LINK’s decline from $38.2 to $16.7) would allow LINK to register another 22% hike, provided bulls overcome sell pressure around $30.

However, moving past a supply area between $34-$36.5 could be difficult if the broader market remains weak. A resistance trendline coincided with this supply area and the same would induce selling pressure in the market. Meanwhile, support regions at $23.7 and $21.15 can contain any near-term pullbacks. Bears can start to exert more control once the lower trendline is flipped to resistance.


LINK’s daily RSI had a little more room for growth before the overbought territory is breached. Thus, an immediate breakout above the 50% Fibonacci level was certainly a possibility. However, a short-term retracement can be expected before LINK rises above $30.

The daily MACD rose above the half-line for the first time since November 2021- a sign that bulls were finally gaining control of the market. No immediate threats were present in form of any crossovers or divergences.


LINK could register another 10% spike and make way to $30 before a pullback is observed. From there, expect LINK bulls to regain momentum and make way to a supply zone between $34-$36.5. Any gains beyond $36.5 would need to be supported by a broader market rally.