In the past 24 hours, Chainlink (LINK) has risen more than 10% to $15.18 as analysts grow more optimistic. Predictions for this token are set at $18.
The market capitalization of Chainlink as of the time of reporting is $9.51 billion, up 11.4% for the day. The 24-hour trading volume of this token has also increased to $988.81 million, up 53.56%.
🔸 Breaking through key levels
Chainlink has just surpassed the long-standing resistance at around $13. Michael Van de Poppe, founder of MN Trading Ventures, states that it has now reversed to a strong support level for this area, which acted as a ceiling for most of 2024.
According to him, this is an important breakthrough as it indicates that market sentiment is changing once again and may be heading towards higher levels.
Poppe points out that LINK could reverse strongly at the $13 mark. He predicts the price will rise to $18 and expects more momentum from there.
He claims that the lows of #LINK in are creating a huge opportunity. His analysis aligns with the current technical setup of LINK.
LINK is targeting a resistance level of $17.83 and ultimately a psychological indicator of $18.
Further insights from experts suggest that Crypto Patel predicts a good move for Chainlink (LINK), which has decreased 90% from its all-time high.
He emphasizes that the price continues to rise after forming a bottom at around $5. It then hits the internal range liquidity (IRL) and bounces back, indicating readiness for a positive move.
According to the analyst, LINK has the chance to reach an all-time high and could increase by 280% from the current level. However, a candle closing below $8 would invalidate this outlook.
🔸 Technical analysis: Is LINK correcting?
The chart of Chainlink shows a clearly defined ascending wedge pattern, signaling an upcoming consolidation phase after a strong upward move. This could also imply a bearish reversal.
The converging trend lines of the wedge pattern indicate weakness in bullish momentum towards the apex of the wedge, starting from around $13.00.
