Chainlink is up by more than 12% in the last seven days, which helped it recapture the $15 price level for the first time in 3 weeks.
Can the recent partnerships and network expansion help push it back above $25?
Chainlink is up by close to 2% over the last 24 hours to climb back above $15 and hit an intra-day high of $15.40 for the first time in over three weeks.
This brings up the gains made by the altcoin in the last seven days to 12%. The slight gains were in defiance of the 1% decline reported by the larger industry with top coins like Ethereum slipping by 2%.
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Why are LINK Prices Going Up?
Three fundamental developments in the Chainlink ecosystem may be attributed to the hype that has sent LINK token prices on an uptrend.
First was the report that Chainlink had added 14 integrations to the Chainlink standard, which would perform 5 core services on 14 different chains.
Among the blockchain networks onboarded into this standard include BNB Chain, Arbitrum, base, Polygon, and Optimism.
Secondly, Chainlink just announced a partnership with Abu Dhabi Global Market (ADGM).
According to the announcement, Chainlink stated that this “alliance will maximize the utility of tokenized assets in the UAE while ensuring regulatory compliance.
Will the Bullish Momentum Help Link Hit $25?
From a technical point of view, Chainlink bulls have been gaining steady momentum for the last two weeks.
They have, for example, pushed the altcoin’s RSI strength from the oversold territory of 33 two weeks to a neutral-to-bullish level of 53.
The MACD line has also crossed the signal line from below and both lines have their sights set on leaving the negative territory.
Even the MACD histogram has been printing deep green bars. All these are confirmations of LINK’s bullish momentum.
For a bullish reversal to be confirmed, however, LINK needs to breach the $15.50 resistance level and turn it into its new support level.
Only then can it be said to be well on its way to getting back to the early January levels of $25.
Over the longer term, however, we remain bullish about Chainlink and expect it to print a new high of over $44 by the end of 2025, which indicates potential upside of roughly 200% from current levels.
Crypto assets are unregulated & highly speculative. No consumer protection. Capital at risk.
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