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Chainlink has shown some volatility over the past few days, with its price plummeting 12% followed by an impressive recovery of 13% within 24 hours. This quick rebound has sparked optimism among investors who see the altcoin’s resilience as a sign of its potential for significant gains in the short term.
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Top analyst Jelle shared her technical analysis on X, explaining that the LINK weekly chart is slowly evolving into “a thing of beauty.” The chart is bullish, suggesting that Chainlink could make a significant move if key price levels recover.
The next few days will be critical for LINK as the new supply zone is yet to be tested. A successful break above the current resistance level could fuel a massive rally, potentially pushing Chainlink to multi-year highs. However, failure to maintain the recent uptrend could lead to further consolidation or a return to the testing demand zone.
As market sentiment shifts and technical indicators align, Chainlink is gaining attention from traders and long-term holders alike. The stage is set for a potential breakout and all eyes are on LINK to see if it can capitalize on that momentum and deliver the much-anticipated rally.
Chainlink prepares for rebound after 42% correction.
Chainlink (LINK) has had a difficult few weeks, with its price plummeting more than 42% since mid-December. But there are signs that this sharp adjustment may be nearing its end. Analysts are speculating that LINK has reached a bottom as near-term price action suggests bullish momentum.
Top analyst Jelle shared a detailed technical analysis of X, highlighting that LINK’s weekly chart is “slowly turning into a real beauty.” He cited the importance of a painful yet critical retest of key support levels that LINK has held firm on. This resilience is increasing confidence among investors and traders that the worst may be over for altcoins.
Jelle identified $30 as the first major target for LINK, and is expected to hit a new all-time high if the bullish momentum continues. For this to materialize, LINK would need to regain critical levels, breaking the daily downtrend and establishing a bullish structure.
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The next few days are critical for Chainlink’s recovery. If LINK successfully holds support and breaks above near-term resistance levels, it could spark the rally many investors are hoping for. However, failure to sustain these levels could result in further consolidation or a retest of recent lows. The market is watching closely as Chainlink plans its next big move.
Price Strength: Key Levels to Watch
Chainlink (LINK) is trading at $20 after a volatile Monday, during which the price briefly fell to the $17 level before making a quick recovery within a few hours. This dramatic rebound has revived optimism and has many investors speculating that LINK may be ready for its next major move.
Now the bulls appear to have the upper hand as the price has moved above the $22 level. A successful recovery of this level would set the stage for a challenge to the highs in the $25 region, a critical resistance point for LINK’s near-term price action. Analysts believe that turning these levels into support could serve as a springboard for a significant rebound, potentially pushing LINK into higher territory.
But the journey ahead remains uncertain. LINK needs to maintain momentum to avoid falling back into bearish territory. Failure to break above $22 could trigger a resumption of consolidation or a retest of lower support levels.
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All eyes are currently on Chainlink’s price action as it navigates this critical moment. A decisive break above $25 could signal the start of a strong bullish trend, reignite optimism among investors and set the stage for further gains.
Featured image by Dall-E, chart by TradingView