Chainlink (LINK), known for its pivotal role in blockchain infrastructure, has recently hit an extraordinary milestone of $17.3 trillion in cumulative on-chain transaction value. This significant achievement underscores the platform’s growing adoption and influence within the cryptocurrency sector.

At the time of writing, LINK is trading at $17.77, reflecting a 5.19% increase in the past 24 hours. With the price nearing a critical resistance level at $18, the question arises: can LINK sustain this momentum and eventually reach $35?

The $35 price point represents more than just a psychological barrier—it signals confidence in Chainlink’s ongoing growth and adoption. But what factors could drive such a remarkable leap?

Breaking the $18 Barrier: A Critical Test

LINK has recently displayed a strong recovery, breaking through the $15.44 resistance level and moving decisively toward $18. This marks a departure from its prolonged downward trend, suggesting that market sentiment has shifted to favor the bulls.

The $18 resistance is a crucial threshold. If LINK manages to break and sustain above this level, it could act as a discovered for a more significant rally toward $35. This target would represent a 101.6% increase from current levels—a challenging yet achievable milestone, given the right market conditions.

Technical Indicators Point to Strength

Momentum Signals Favor Continued Growth

LINK’s technical indicators offer a promising outlook. The 9-day and 21-day moving averages have recently formed a bullish crossover, signaling a potential continuation of upward momentum.

The MACD (Moving Average Convergence Divergence) indicator further supports this trend. The MACD line remains above the signal line, with the histogram showing steady expansion. These factors indicate growing bullish momentum and provide a solid foundation for LINK’s potential to surpass $18.

Adoption Growth Fuels Demand

Chainlink’s ecosystem is experiencing increasing user engagement, as evidenced by a rise in daily active addresses. On November 23, the number of active addresses climbed to 7,417, highlighting growing interest and participation within the Chainlink network.

This uptick in activity signals heightened demand for Chainlink’s services, which could translate into sustained price growth. Greater adoption not only boosts investor confidence but also strengthens the token’s market fundamentals.

Declining Exchange Reserves Strengthen the Case

Another positive signal for LINK’s trajectory is the decline in exchange reserves. Over the past 24 hours, exchange reserves fell to 161.37 million tokens—a 0.13% decrease.

Lower reserves indicate reduced selling pressure, as fewer tokens are being moved to exchanges for potential sell-offs. This reduction creates a more favorable environment for price growth, aligning with the broader bullish sentiment surrounding LINK.

Broader Market Trends and Chainlink’s Unique Position

The cryptocurrency market has seen increased attention to infrastructure projects like Chainlink, which provide essential services such as data oracles for decentralized applications. Chainlink’s $17.3 trillion transaction milestone showcases its importance in the evolving blockchain ecosystem.

This achievement not only highlights the network’s robustness but also reinforces its position as a leader in decentralized data solutions. With growing adoption and integration into various blockchain projects, Chainlink is well-positioned to capitalize on its momentum.

However, macroeconomic factors and market sentiment will play a role in determining whether LINK can sustain its growth. External pressures, such as regulatory developments or broader market corrections, could impact its trajectory.

Challenges Ahead: Breaking Resistance

While the outlook for LINK is largely positive, breaking through the $18 resistance remains a critical hurdle. Resistance levels often attract increased selling pressure, and surpassing them requires sustained momentum supported by strong trading volume and market confidence.

In addition, reaching the $35 target will require more than just technical strength. Continued adoption, strategic partnerships, and innovations within Chainlink’s ecosystem will be vital in driving long-term growth.

Conclusion: LINK’s Road to $35

Chainlink’s recent achievements, combined with strong technical indicators and declining selling pressure, suggest that the token is well-positioned for continued growth. Breaking the $18 resistance could open the door to a more ambitious rally toward $35, a target that seems increasingly attainable given the current momentum.

For investors and traders, LINK’s progress represents an exciting opportunity to capitalize on its potential. With robust fundamentals and growing adoption, Chainlink appears poised for a promising future in the cryptocurrency space.