Chainlink (LINK) saw a surge of 7.3% in the last 24 hours, with its price reaching $9.48. The token’s daily price action spanned from a low of $8.76 to a high of $9.72, delivering renewed optimism among traders while sparking debate about the sustainability of its upward momentum. LINK’s latest market capitalization stands at approximately $7.10 billion, with trading volume for the same period reported at $503.74 million. The token’s circulating supply is estimated at 748.10 million LINK.
Technical analysis points to diverging possibilities
Analysts presented distinctly different outlooks for LINK’s next move, as reflected in three recent trading charts. Michael van de Poppe, a crypto trader known for his technical chartwork, showcased LINK’s ongoing recovery from its previous lows. His analysis revealed that LINK has been forming a series of higher lows and higher highs, signaling a sustained uptrend since exiting its bear market bottom.
Van de Poppe highlighted critical resistance levels around $10.87 and $11.40. These areas are viewed as potential targets if the token maintains its current trajectory. In his analysis, LINK’s pairing with Bitcoin also showed positive momentum, with the asset continuing to progress away from past declines.
Van de Poppe highlighted that LINK is entering an uptrend, supporting the prospect of a continued rally toward $11 and reinforcing recent positive momentum in the LINK/BTC trading pair.
Despite the optimistic chart signals, analysts noted that LINK remains about 82% below its all-time high of $52.70. The present price action centers around its current position within the daily trading range.
Mini dictionary: Michael van de Poppe is a crypto analyst and trader who shares frequent technical analyses on major cryptocurrencies, focusing on trends, price action, and key support/resistance levels.
| Key Metric | Current Value | Historical Peak |
|---|---|---|
| LINK Price | $9.48 | $52.70 |
| Market Cap | $7.10 billion | N/A |
| 24h Volume | $503.74 million | N/A |
| Price Change (24h) | +7.3% | N/A |
Sell range resistance appears in alternative chart analysis
In contrast to Van de Poppe’s bullish structure, Wick, another analyst, provided a chart depicting a marked sell range. According to Wick’s analysis, LINK’s price had recently entered an upper resistance zone, only to face rapid rejection and a subsequent move downward. His chart tracks the token’s passage through various trading structures, labeling the latest phase as “Structure 2,” which followed a sharp downfall and partial recovery.
Wick explained that the sell range was triggered when the price edged just above the anticipated level, which led to immediate selling pressure and a noticeable retreat from this zone. The chart did not project a continued run towards $11, focusing instead on the implications of the recent rejection.
Wick pointed out that once the sell range was tested, LINK’s price was rejected and moved away from this area, suggesting traders remain cautious amid conflicting signals on the next direction.
The divergence between leading chart analyses emphasizes the uncertainty in Chainlink’s near-term direction, balancing between further gains and fresh selling interest near the upper resistance levels.
LINK remains below long-term highs, but short-term momentum strong
Despite the short-term rally, LINK is still trading significantly lower than its peak prices. The token dropped more than 80% from its all-time high of $52.70, underscoring the challenges it faces in breaking major resistance zones. The latest increase puts LINK close to the upper end of its recent trading range, but for sustained upside, traders continue to watch resistance levels and overall market sentiment closely.
Chainlink is a decentralized oracle network that connects smart contracts with real-world data, playing a key role in decentralized finance (DeFi) applications.
While some charts suggest a pathway toward the $11 mark, others caution that strong resistance and historical sell-offs could limit further gains. Observers will be watching whether LINK can maintain its positive momentum, especially as it navigates key technical levels in the days ahead.
