Chainlink ‘god candle’ appears as LINK price soars 27% in 24 hours

The price of Chainlink’s LINK LINKUSD token outperformed the crypto market on Dec. 3, posting a 27% daily gain following a collaboration with a European Union-based firm to launch a tokenized asset settlement system.

The price of LINK is up 50% over the last week and 125% in the past 30 days.

Data from Cointelegraph Markets Pro and TradingView shows LINK painted a “god candle” on Dec. 3, rising from a low of $18.58 and climbing as much as 45% to a two-year high of $26.92.

Trading activity has also moved in tandem with LINK’s price surge. Its spot trading volumes topped $8.6 billion on Dec. 3, rising by 271% over the last day. Its market capitalization is currently at $15.52 billion, cementing its position as the 15th largest cryptocurrency.

Europe’s first EU-regulated tokenized securities market

The LINK price rally follows the community’s excitement over the strategic partnership between Chainlink and 21X, a platform specializing in tokenized money and securities, to launch Europe’s first EU-regulated tokenized securities market. 

Chainlink will supply its Cross-Chain Interoperability Protocol (CCIP), which will help 21X settle assets from multiple chains. 21X considers stablecoins tokenized assets that will be onboarded from multiple chains and accessible to clients.

With this technology, 21X can integrate real-time market data and facilitate asset transfers across multiple blockchains.

“We are thrilled to partner with Chainlink as we prepare to launch Europe’s first tokenized securities market infrastructure,” said Max Heinzle, founder and CEO of 21X, adding: 

Chainlink network activity soars

Chainlink’s network activity is surging along with LINK’s price, according to data from market intelligence firm CryptoQuant.

The number of daily transactions increased from 6,437 on Nov. 29 to a two-year high of 24,901 on Dec. 2, a 286% surge.

The number of active addresses has also jumped by 179% over the same period. This points to increasing adoption of the Chainlink ecosystem, which drives up demand for LINK.

Chainlink trader sets $50 price target

The relative strength index is sloping down and is in the overbought region at 79, suggesting that the upward momentum is running out of steam.

However, the appearance of a “golden cross” on the daily chart may help the rally continue.

A golden cross is a bullish technical pattern that occurs when a shorter-term moving average, typically the 50-day moving average (MA), crosses above a longer-term moving average, usually the 200-day MA.

The formation of this bullish signal on Nov. 30 saw the LINK price make a decisive move above the neckline of a U-shaped recovery pattern at $19.

A decisive move close above $25 will likely serve as a launchpad toward the bullish target of the prevailing pattern at $30, or 21% gains from the current price. 

But other market commentators are even more bullish going into 2025. For example, pseudonymous trader Satoshi Flipper said now that the price has broken above the barrier at $22, it is now on track to areas above $50.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.