Chainlink (LINK) is showing signs of recovery after a period of decline. Analysts point to both technical and fundamental factors supporting growth.
Analysis of Chainlink Price Chart
Analyzing the weekly LINK price chart reveals that the cryptocurrency has broken out of a downtrend, indicating potential further increases. The price tested resistance near $13 and $14 before starting to move upward. Currently, LINK is hovering around $17, and if it can surpass the $18-$20 range, targets of $24 and $28 could be next.
Fundamental Factors Supporting LINK
The fundamental analysis by CryptoED highlights several partnerships that could drive Chainlink's price higher. For instance, SWIFT is expected to begin using Chainlink's CCIP technology in November. Recent integrations with JPMorgan and ONDO, as well as rumors of collaboration with BlackRock, have also surfaced.
Growth Prospects for Chainlink
The combination of technical analysis and fundamental factors presents a strong case for Chainlink's growth. As long as the price holds above the $14 level and continues within a bullish framework, LINK could aim for higher levels, possibly approaching $32 in the future.
Given the current price movements and robust fundamental factors, Chainlink (LINK) has strong growth prospects. Analysts and cryptocurrency experts expect the coming weeks to be pivotal for the future development of this cryptocurrency.
