- Chainlink is experiencing a bearish drawdown due to Trump’s tariff uncertainty.
- LINK price can potentially breach $35 amid adoption and user demands.
Chainlink (LINK), a leading market performer, saw its price surge by 6% earlier today before falling to current levels. The ongoing decline is fueled by anticipations of US President Donald Trump’s reciprocal tariff announcement, happening later today.
Can LINK Rally to $35?
Despite the bearish pressure, on-chain analyst Ali Martinez claims LINK is moving towards a bullish trajectory and could rally to $35.
Chainlink is a popular blockchain network known for its global collaborations and partnerships, which are raising demand for the native token LINK. Following a bearish market downtrend, LINK has lost over 18% of its value within the month. However, the LINK price chart presents the recovery potential. The cryptocurrency reached a high of $14.36 earlier in the day after experiencing a 6% surge.
This rally came amid a recovery in the global crypto market. However, the surge did not last as investors became anxious about Trump’s tariff announcement.
At press time, LINK price was trading at $13.46, down 3.8% over the previous day, with a market cap of $8.84 billion. Notwithstanding, the daily trading volume increased by over 41% to $407.2 million, indicating high investor interest. This puts LINK on a path for further price recovery.
Experts are worried about the outcomes of Trump’s reciprocal tariffs on crypto prices. They believe it could bring volatility, affecting the prices of digital assets, just like Trump’s EU tariff threatened Global markets, as we discussed earlier.
However, the technical indicators show LINK has formed a symmetrical triangle pattern, hinting at the upcoming price rally. In crypto, the symmetrical triangle is a popular bullish technical indicator, revealing a breakout formation after the consolidation. The price of LINK, currently at $13.46, is near the apex, hinting at the breakout possibility.
Chainlink Ecosystem Expansion and LINK Prediction
Meanwhile, the Chainlink team continues to improve the network to enhance the user experience. As reviewed in our recent publication, Chainlink has officially rolled out Payment Abstraction on mainnet to eliminate service payment issues.
Chainlink Payment Abstraction allows users to pay with whatever tokens they already have and convert those automatically into LINK. This brings automation, simplicity, and less friction to a system.
Additionally, Chainlink partnered with Cardano to build a versatile oracle framework not limited to a single ecosystem. In our last update, we examined how the project seeks to connect a wider array of UTxO-based networks, such as Bitcoin, Litecoin, and Dogecoin.
Chainlink has also partnered with Abu Dhabi Global Market (ADGM). The protocol aims to advance compliant tokenization frameworks through the partnership and boost market optimism about its long-term potential.
Aligning with the positive developments in the Chainlink ecosystem, one market analyst predicted that LINK could hit $43.8. This prediction further cements Chainlink’s dominance in the crypto market.
