Chainlink price has embarked on a strong rally, supported by the strong Bitcoin rally, partnerships, and whale accumulation. On-chain data shows that Donald Trump’s World Liberty Finance is accumulating the token as optimism of a potential partnership with Blackrock. So, how high can the LINK price rise?
Linking Trump’s Buying Spree & Chainlink, BlackRock Partnership
LINK price has held steady after on-chain data showed that World Liberty Financial has been buying the token. Data shows that the network, which is associated with Donald Trump and his family has bought LINK tokens worth over $2.3 million. The company also owns Ethereum, Tether, and AAVE.
These purchases came after we reported that there was speculation that there will be a partnership between Chainlink and Blackrock. Such a partnership would be notable because Blackrock is the biggest asset manager in the world, with $11.5 trillion in assets. It would, however, not be a big surprise since Blackrock has emerged as a key proponent for the crypto industry.
The partnership will come as Chainlink continues inking deals. Just this week, the network inked partnership deals with companies like Coinbase and Emirates NBD, a bank with over $200 billion in assets. Also, whales have continued to accumulate LINK tokens recently.
LINK Price Analysis Points To More Gains
Technicals suggest that the LINK price has more gains to come. On the weekly chart, we see that the coin has just crossed the upper side of the Andrew’s Pitchfork tool. A strong breakout like this often leads to more gains.
Chainlink price has also crossed the crucial resistance level at $22.93, the highest swing in March. It was also the neckline of the slanted double-bottom pattern. It has also moved to the 50% retracement level and is above the 50-week moving average.
Therefore, the long-term view for the price of Chainlink is bullish, with the next target being at $53, which is about 85% above the current level. For that rally to happen, Chainlink will need to cross the 61.8% retracement point at $34.90 and the 78.6% point at $42.90.
There is also a likelihood that the coin will drop and retest the support at $22.93 and then resume the uptrend. This is known as a break and retest pattern and is one of the most popular continuation signs.
A drop below the psychological support at $20 will invalidate the bullish Chainlink price forecast and point to more downside.
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