Another altcoin that’s performing well during this altseason is Chainlink. The LINK price has surged over 20% this week, currently trading around the $17 mark.
Crypto analyst Kevin Svenson, who has a following of over 157,000 on X, updated his LINK price analysis in a viral tweet last night.
The most important part of his analysis is a multi-year resistance level, represented by a downward-sloping trendline that has consistently capped price movements since LINK’s all-time high in 2021. Currently, the LINK price is testing this crucial resistance level, with recent price action showing increasing momentum.
The weekly chart reveals a strong bullish structure, with LINK forming a series of higher lows since mid-2023. This pattern marks a significant shift from the previous downtrend that dominated from 2021 through mid-2023. The price has found stable support in the $12-14 range, which could serve as a cushion during any potential pullbacks.
A particularly interesting development is the RSI indicator, which has broken out of its own downtrend line. Currently at 59.24, the RSI suggests growing bullish momentum without entering overbought territory. This technical setup could support further upward movement, with potential targets including the psychological $20 level and the previous support-turned-resistance at $24.
The price structure shows strong basing patterns between $5-6 during 2022-2023, establishing a solid foundation for the current move. However, traders should note that maintaining positions above the current resistance level will likely require significant volume confirmation.
Read also: Why Is Stellar (XLM) Price Up?
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