The LINK/USD pair could rise another 20% if bulls push above $35 again.
Chainlink’s price has jumped more than 14% over the past 24 hours and is now trading above $34 as bulls attempt to extend the uptrend toward $40.
Those double-digit gains for LINK/USD come as the broader crypto market enjoys a strong start to the week after Bitcoin (BTC) moved past the $51,000 mark.
Across the market, Ethereum is trading around $3,950 as traders target a break above $4,000, while Bitcoin Cash (BCH) and Filecoin (FIL) also posted double-digit gains and are trading near $794 and $116, respectively.
Meanwhile, total crypto market capitalization rose about 3.5% in the last 24 hours and currently sits around $2.46 trillion.
LINK Price Analysis
According to on-chain and social metrics platform Santiment, Chainlink’s price rally coincides with new highs in development activity on GitHub.
Chart showing LINK price and development activity. Source: Santiment
Various integrations of Chainlink feeds have also helped foster positive sentiment around the protocol. Combined with renewed activity in decentralized finance (DeFi), this could push LINK toward resistance in the $37–$42 range.
Technically, LINK gained momentum after breaking above the 200-day moving average. Bulls have established a solid support zone above $30, and a retest of that horizontal level would provide a base for further upside.
LINK/USD daily chart. Source: TradingView
The daily RSI is showing overbought conditions while the MACD displays a bullish crossover, both of which support the case for a continued uptrend. If Chainlink clears $37, further targets for LINK/USD could emerge near $43.
Conversely, failure to hold above $33 could open the door to a pullback toward the 200-day moving average near $28 and potentially down to horizontal support around $25.