Chainlink Price Soars 8% as RWA Tokens Show Strong Potential – Analysts Eye a Breakout to $30

Highlights:

• Chainlink’s price has risen 8% to $17 despite a 5% plunge in trading volume.
• Crypto analysts have highlighted a strong breakout, eyeing the $30 mark in the short term.
• With the strong potential in the RWA market, can the Chainlink bulls reclaim the $20 mark?

The Chainlink price has spiked 8% to $17 as the crypto market attempts a recovery. Despite the rally, its daily trading volume has plunged 5% to $937M, indicating a fall in market activity. However, the growing interest in these RWA tokens shows strong potential in the market. 

The #RWA Sector is Gaining Momentum 🚀

Social activity around tokenized real-world assets (RWA) has surged, with many top projects showing strong price growth.

Here are the Top 10 RWA Projects by Mentions:

🔹 Chainlink $LINK
🔹 Hedera $HBAR
🔹 Avalanche $AVAX
🔹 Injective… pic.twitter.com/r7bKDkdAfS

— Roman Olegovich (@romanolegovichx) March 6, 2025

Following its rally, many investors and traders have highlighted LINK’s potential surge to higher levels soon. Lucky, a crypto investor, has highlighted via X that Chainlink’s price is poised for another successful move. He has predicted a strong pattern breakout, eyeing the $30 mark soon. 

$LINK is poised for another successful move.

I anticipate a strong pattern breakout for @chainlink this March.

Honestly, $LINK reaching $30+ seems inevitable.

DYOR – NFA pic.twitter.com/9nrV2PjOjt

— Lucky (@LLuciano_BTC) March 6, 2025

Chainlink has declined 43.05% from its highest price in the past 30 days, despite an 11% surge in the past 7 days. The token has notably recovered, climbing 33% from its lowest recorded price within the same timeframe. This movement reflects the ongoing volatility in the market, with LINK navigating both short-term corrections and potential rebounds.

Chainlink Price Outlook

LINK/USD trades within a falling channel, struggling to break the key resistance level. Currently, the price finds support within this channel around the $14 mark. A significant breakdown occurs when LINK fails to maintain its uptrend line support.

The inability to reclaim the next resistance level keeps downward pressure intact, with the price revisiting the lower boundary of the falling wedge. Meanwhile, the next key resistance emerges at $20, aligning with the 50-day MA. A decisive candlestick close above this level could initiate a rally to $27. 

On the flip side, if the price fails to hold above $20, the decline may occur toward $16, which could. A further breakdown could see LINK testing $16, marking a critical juncture for bulls to defend.

However, the MACD remains bullish, calling for traders to rally behind LINK. This is evident as the blue MACD line has flipped above the orange signal line, upholding a buy signal. The signal line maintains its upward trajectory, suggesting that momentum favors the buyers.

Can Chainlink Bulls Overcome the $20 Barrier?

Chainlink price is facing a challenging road toward reclaiming $20 as the broader market attempts to recover. Recent price action has shown signs of a strong upward trend, with LINK struggling to gain enough momentum for a breakout.

With trading volumes declining and sentiment leaning at equilibrium, the path upward appears uncertain. Even if LINK approaches $20, the lack of strong buying pressure could lead to rejection, reinforcing the resistance level as a major hurdle.

A closer look at the Relative Strength Index (RSI) shows that it has hurtled from the undervalued region, currently at the 50-mean level. This shows that Chainlink’s price is neither oversold nor overbought.

However, a confirmed breakout above $20 could shift the trend into a bullish phase, attracting more buyers. This will indicate intense buying pressure, causing the RSI to jump to the overbought region. However, as long as the price remains below the $20 resistance zone, the overall structure remains bearish, and traders should remain cautious of further downside movements.