On January 17, 2025, Chainlink (LINK) exhibited a clear sign of entering a new bullish cycle as reported by Michaël van de Poppe on Twitter (@CryptoMichNL, January 17, 2025). The price of LINK reached a notable high of $25.50 at 10:00 AM UTC, marking a 10% increase from its previous peak of $23.18 recorded on January 15, 2025, at 14:30 PM UTC (CoinGecko, January 17, 2025). Following this, LINK established a higher low at $24.20 on January 16, 2025, at 09:00 AM UTC, showcasing a pattern of higher highs and higher lows, which is a strong indication of an ongoing bullish trend (TradingView, January 17, 2025). The confirmation of this trend was further supported by a significant trading volume spike, with LINK seeing a volume of 120 million LINK traded within the 24-hour period ending at 11:00 AM UTC on January 17, 2025, a 30% increase from the average volume over the past week (CoinMarketCap, January 17, 2025). This surge in volume, alongside the price action, suggests strong market participation and confidence in LINK's upward trajectory (CryptoQuant, January 17, 2025).

The trading implications of this new bullish cycle for Chainlink are multifaceted. On the LINK/BTC trading pair, LINK's price against Bitcoin increased to 0.00035 BTC at 11:30 AM UTC on January 17, 2025, up from 0.00032 BTC on January 15, 2025, at 15:00 PM UTC, reflecting a 9.38% rise (Binance, January 17, 2025). This indicates that LINK is outperforming Bitcoin during this period, suggesting a potential for further gains in the LINK/BTC pair. Additionally, the LINK/ETH pair saw LINK's price rise to 0.0058 ETH at 12:00 PM UTC on January 17, 2025, from 0.0054 ETH on January 15, 2025, at 15:30 PM UTC, a 7.41% increase (Kraken, January 17, 2025). These movements in major trading pairs underscore the bullish sentiment around LINK. Furthermore, on-chain metrics reveal a rise in the number of active addresses to 15,000 on January 17, 2025, at 10:30 AM UTC, up from 13,000 on January 15, 2025, at 14:00 PM UTC, indicating increased network activity and potential for sustained growth (Glassnode, January 17, 2025).

Technical analysis of LINK's price action reveals several key indicators supporting the bullish outlook. The Relative Strength Index (RSI) for LINK stood at 68 on January 17, 2025, at 11:00 AM UTC, up from 62 on January 15, 2025, at 14:30 PM UTC, suggesting that LINK is approaching overbought territory but still within a healthy bullish range (TradingView, January 17, 2025). The Moving Average Convergence Divergence (MACD) showed a bullish crossover on January 16, 2025, at 10:00 AM UTC, with the MACD line crossing above the signal line, further confirming the upward momentum (Coinigy, January 17, 2025). Additionally, the trading volume for LINK on the LINK/USDT pair on Binance was recorded at 110 million LINK at 11:30 AM UTC on January 17, 2025, up from 85 million LINK on January 15, 2025, at 15:00 PM UTC, indicating robust buying interest (Binance, January 17, 2025). These technical indicators and volume data collectively reinforce the bullish trend observed in LINK's price action and suggest that the upward momentum is likely to continue.