LINK stands out as a cryptocurrency with unparalleled fundamentals. Since 2020, it has often led bullish trends—first as a DeFi cornerstone and now as a bridge between blockchain and traditional finance. Let’s dive into Chainlink’s current technical outlook.
As of May 30, 2024, LINK trades around $18.
During the 2022 bear market, Chainlink was one of the most fundamentally active projects. Beyond tokenomics upgrades, LINK is no longer just an oracle asset—it’s the backbone of Cross-Chain Interoperability Protocol (CCIP), enabling secure blockchain signaling while powering real-world use cases.
Key Chainlink Use Cases:
- USDC Interoperability: Partnered with Circle to enhance USDC’s cross-chain utility.
- SWIFT Collaboration: Progressing with the interbank network since 2022 (August 2023 update).
- Smart Nav Pilot: Joint initiative with DTCC and major banks (BNY Mellon, JPMorgan) for tokenized assets.
- Transporter Bridge: Launched in April 2024, enabling cross-chain asset transfers via CCIP.
Long-Term Price Structure: A Solid Foundation
| Metric | Oct 2023 Breakout | Current Range | ATH (May 2021) |
|---|---|---|---|
| Price | $5 → $22 | $16–$19 | $52.70 |
| Circulating Supply | 59% | — | 41.45% |
| FDV | — | $18B | $55B |
Technical Highlights:
- Accumulated for 16 months in a $5–$9.5 horizontal channel (2022–2023).
- Broke out in October 2023, now testing the 0.382 Fibonacci retracement (~$23).
Holding the 0.618 retracement suggests a Wave 3 Elliott impulse, targeting:
- Minimum: $30 (1:1 Wave 1 amplitude).
- Standard Extension: $33–$34 (1.618 Fib).
👉 How to Buy Chainlink (LINK) Securely in 2024
Short-Term Outlook: Impulse or Range-Bound?
Critical Levels to Watch:
- Support: $17.34 (polarity), $15.50 (monthly low).
- Resistance: $19 (range high), $22 (breakout trigger).
Bollinger Bands & Moving Averages:
- Bullish Impulse (Since May 15): BB expansion + 7-day SMA ($17.95) as dynamic support.
- Breakdown Scenario: A drop below $17.95 could retest the 20-day SMA (~$16) or range bottom.
FAQ Section
Q1: Can LINK surpass its 2021 ATH in 2024?
A: With CCIP adoption and institutional partnerships, renewed highs are plausible if market sentiment holds.
Q2: What’s the risk-reward for entering LINK now?
A: Favorable above $17.34; a close below $15.50 may signal deeper correction.
Q3: How does CCIP differentiate Chainlink?
A: It’s the first generalized cross-chain messaging protocol, solving interoperability at scale.
Conclusion:
Chainlink’s long-term structure favors upside, with short-term momentum hinging on $17.95 support. Fundamentals align with technicals, positioning LINK for potential new highs in 2024.
👉 Explore Chainlink’s Ecosystem
Sources: TradingView, Coinglass, Glassnode.
Disclaimer: Cryptocurrency investments carry risk. Conduct independent research.