Chainlink ( LINK ) continues its bullish momentum, with analysts highlighting a clear path toward $40 in the short term. Notably, an analysis by TradingShot , a prominent technical analysis firm, highlights the strength of LINK’s current uptrend within a well-defined ‘Channel Up’ pattern. This channel began after LINK bottomed out in June 2023, marking the start of a sustained bullish trend that is yet to be broken. Golden Cross and MACD signal further gains One of the critical drivers behind LINK’s current rally is the formation of a Golden Cross on its daily chart, where the 50-day moving average has crossed above the 200-day moving average. This bullish signal mirrors the October 2023 Golden Cross, which preceded a 361.5% price surge. Analysts believe this setup positions LINK for another substantial rally. Chainlink price chart. Source: TradingShot / TradingView Moreover, the Moving Average Convergence Divergence ( MACD ) indicator on the weekly chart is showing a bullish crossover, echoing its behavior during the October 2023 rally. This confluence of signals strengthens the likelihood of LINK reaching $40 in the short term as long as LINK sustains its trajectory within the Channel Up pattern. A higher target on the horizon While the immediate focus is on the $40 level, TradingShot highlights a longer-term price target of $53, derived from the 4.382 Fibonacci extension level . This target aligns with Chainlink’s broader bullish cycle, suggesting continued upside if the current momentum holds. AI models further support these projections, predicting that LINK could trade between $30 and $35 by the end of 2024. This outlook is strengthened by LINK’s expanding role in decentralized and traditional finance, growing investor confidence, and strong technical indicators, as reported by Finbold. Fundamental growth drivers: Ecosystem expansion and adoption Chainlink’s growth is underpinned by strong fundamental drivers, including rising institutional demand, as highlighted by Donald Trump -backed World Liberty’s $2 million purchase of LINK, which coincided with a 20% price increase. The network’s expanding ecosystem adoption, driven by the integration of its Cross-Chain Interoperability Protocol (CCIP) into platforms like the Ronin Ecosystem and Lista DAO, signals its growing utility in gaming and DeFi sectors. Additionally, Chainlink’s expanding partnerships, such as its collaboration with Emirates NBD Banking Group, further strengthen its credibility as a leading blockchain infrastructure provider. Beyond DeFi, Chainlink’s reach now extends into traditional finance, with European fintech firm 21X integrating its infrastructure to enable tokenized securities. This development strengthens Chainlink’s growing significance in highly regulated financial markets, With continued advancements in staking and protocol capabilities, Chainlink remains a key player in the blockchain space, solidifying its journey toward higher adoption and a potential $50 billion market cap in 2025. LINK price analysis At press time, Chainlink is trading at $29, marking a robust seven-day gain of 26.50% and an impressive 108% increase over the past month. LINK seven-day price chart. Source: Finbold With its position as a key player in decentralized and traditional finance, LINK remains on track to achieve higher price targets, including the much-anticipated $40 level, as market confidence continues to build. Featured image via Shutterstock The post Here’s when Chainlink (LINK) will reach $40, according to analyst appeared first on Finbold .
