Chainlink ‘god candle’ appears when the price of LINK increases by 27% in 24 hours
The price of Chainlink (LINK) outperformed the crypto market on December 3, posting a 27% daily gain, a token asset distribution system in partnership with an EU-based firm.
LINK price is up 50% from last week and 125% in last 30 days.
According to data from Cointelegraph Markets Pro and TradingView, LINK painted a “god candle” on Dec. 3, rising from a low of $18.58 and rising as much as 45% to a 2-year high of $26.92.
LINK/USD Daily Chart. Source: Cointelegraph/TradingView
Trading activity has also moved along with the LINK price increase. LINK's spot trading volume hit $8.6 billion on December 3rd, up 271% from the previous day. Its market capitalization currently stands at $15.52 billion, solidifying its position as the 15th largest cryptocurrency in the world.
Europe's first EU-regulated tokenized securities market
LINK's price rally follows public excitement over the strategic partnership between Chainlink and 21X, a platform specialized in tokenized funds and securities, Europe's first EU regulated market for tokenized securities.
Chainlink 21X offers the Internet Operator Protocol (CCIP) which helps to coordinate assets from multiple chains. 21X sees statscoins tokenized assets accessible to customers on board multiple chains.
Source: Chainlink
With this technology, 21X can integrate real-time market information and facilitate asset transfers across multiple blockchains.
“We are delighted to partner with ChainLink as we prepare to launch Europe's first cryptocurrency market infrastructure,” said Max Heinzle, founder and CEO of 21X.
“Using Chainlink's technology, we provide a secure and efficient platform for trading and settlement on a public permissionless blockchain.”
Chainlink network activity is increasing.
Chainlink network activity is increasing along with its price, according to data from market intelligence firm CryptoQuant.
The number of daily transactions rose 286% from 6,437 on November 29 to a 2-year high of 24,901 on November 2.
Number of Chainlink Transactions. Source: CryptoQuant
The number of active contacts also jumped by 179% during the same period. This increases the acceptance of the Chainlink ecosystem, which increases the demand for LINK.
Chainlink Trader has set a $50 price target.
The relative strength index is trending lower and is in overbought territory at 79, suggesting that the upward momentum is running out of steam.
Related: Chainlink Introduces ‘Chainlink Runtime Environment' Framework
However, the appearance of a “golden cross” on the daily chart can help the rally to continue.
A golden cross is a bullish technical pattern formed when a short-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 November 30 saw LINK price take a critical step above the neckline of a U-shaped recovery pattern at $19.
LINK/USD Daily Chart. Source: Cointelegraph/TradingView
A critical move above $25 can be used as a launchpad for the current pattern target for a 21% profit from the current price.
But other market analysts are more bullish on 2025. For example, by anonymous trader Satoshi Flipper, the price has now broken above $22 and is now hovering above $50.
“IT'S $LINK SEASON, NOW WE DO $22 –> $52.”
LINK Price breakout above a falling wedge. Source: Satoshi Flipper
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
