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The altcoin project Chainlink 
$12, with its mainnet asset LINK, has recently drawn substantial attention on social media following the formation of a bullish price pattern on the four-hour chart. Since early February, LINK has been moving within a descending parallel channel, but a sharp upward movement today broke this longstanding downtrend. The price breakout and its surpassing of the four-hour 200 Exponential Moving Average (EMA) signal potential gains. Should the support level at $15.15 hold, the altcoin could see a 25% rise to reach $19.30 in the coming days. LINK currently appears to be consolidating within a narrow range, potentially gearing up for an upward surge.
Price Movements and Key Levels of Chainlink
LINK has successfully broken out from its prolonged descending channel pattern, moving into a technically strong position. This breakout is considered a significant indicator of the end of the previous downtrend. The four-hour chart shows LINK surpassing the 200 EMA resistance, signaling buyers taking control.
Currently, the price consolidation is interpreted as an energy-gathering phase for a potential next move. Analysts indicate a target around $19.30, assuming the critical support level of $15.15 is maintained. This level represents approximately a 25% increase from current prices.
Positive Outlook in Blockchain Data
Positive price developments are supported by on-chain metrics. Data from analytics firm Santiment show that LINK’s social dominance rate has reached its highest level in recent weeks. This increase is often seen as an indicator of rising market optimism and interest in the altcoin.
Furthermore, internal development activities within Chainlink have reached their highest levels since early March. This suggests that the project remains active in the background, with ongoing developer contributions being a positive sign. Additionally, a decrease in LINK coin supply on exchanges suggests that large investors and others might be withdrawing the altcoin from exchanges to hold or accumulate it for the long term. Altogether, these on-chain data signals hint at a buyer return to the market, potentially supporting LINK’s price gains.
At the time of writing, LINK coin is trading at approximately $15.40. Over the last 24 hours, the altcoin’s price has risen by over 2.25%. However, during the same period, trading volume fell by 20%, indicating a decrease in market participation compared to the previous day.
