- Chainlink price forms a bullish double bottom, signaling strong reversal potential.
- Accumulation from new wallets boosts confidence in a sustained rally.
- Price eyes $16 resistance after trendline and channel breakout.
Chainlink (LINK) price has experienced a mild correction over the last 24 hours after posting strong gains earlier this week. The token is currently trading just below the $14 support level, despite maintaining bullish momentum. LINK remains 15% higher compared to last week, following a broad uptrend across the crypto market. Bitcoin’s recent rally past $94,000 and the total crypto market value exceeding $2.9 trillion have contributed to renewed optimism.
Chainlink has successfully broken above a previous trendline resistance and is now nearing a key horizontal resistance zone. Analysts have noted growing attention on utility-based tokens and DeFi projects, helping support LINK’s current trajectory. Market sentiment continues to support further movement, even as LINK consolidates below a short-term support area. Despite the slight dip, the token maintains upward momentum as traders eye potential price continuation.
Chainlink Tests Resistance After Breaking Trendline Barrier
Chainlink exceeded it’s descending trendline resistance to reach a fundamental horizontal area according to crypto analysis reports. Prices on a daily scale formed a double bottom pattern that typically hints at market transition. This breakout gained more importance because the neckline of the pattern matched the position of the broken trendline.
The price movement of LINK exceeds the neckline in this chart, which indicates its potential to maintain a lasting upward direction. Buyer sentiment towards LINK currency strengthens because the currency successfully regains crucial market zones. The analyst stresses a need for careful evaluation as LINK transitions to support status after flipping the horizontal resistance area.
Observing price movements in the current area is essential for traders because a strong retest may produce dependable indications. LINK serves as the primary investment focus due to bullish price movement which breaks through the recovery pattern neck structure on the daily chart.
LINK Withdrawals From Binance Hit $36.4M in a Week
Crypto analyst reports indicate that new wallets have been actively acquiring Chainlink tokens from Binance. On-chain data shows that 15 previously inactive wallets collectively withdrew 2.52 million LINK. The total outflow is valued at approximately $36.43 million over the past seven days.
This accumulation trend suggests increased interest in LINK among fresh market participants. These wallet movements were traced directly to Binance, where all 15 addresses completed their transfers. The transfers occurred over a short period, signaling concentrated accumulation activity. Such patterns are often observed during phases of anticipated market movement or strategic positioning.
Chainlink Price Faces Resistance After Channel Breakout
Chainlink’s price is trading at $14.41 after pulling back from its recent breakout above an ascending channel. The retracement follows a steady climb that began near the $12.00 support zone, with buyers pushing the price toward the $16.00 resistance level.
The MACD line had broken above the signal line, confirming bullish crossover on the 4-hour chart. The RSI is currently at 58, indicating a cooldown from overbought levels. Key resistance levels include $16.00, followed by $18.08, and $20.00 as the major barrier from prior highs. If LINK regains strength above $16.00, these levels could come into focus in the coming sessions.
On the downside, immediate support lies near $14.00. Below that, $12.00 acts as a critical level where the previous rally started. A further decline may expose the $10.00 zone.
