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After the initial decline triggered by Spot ETF approvals, the overall market has recovered, and the popular altcoin Chainlink (LINK) has successfully maintained its position above the $13.6 local support level. This positive turnaround from the support level resulted in a significant 13.6% increase in LINK’s price over the past week, reaching a current trading price of $15.46.
Volatility in the LINK Market
Cryptocurrency experts, upon examining the daily chart, have noted that this uptrend has transformed into what is known as a bullish head and shoulders chart pattern, offering buyers an opportunity to capitalize on further recovery potential. Over the past three months, the Chainlink price has fluctuated within two different trend lines, experiencing significant volatility. This movement indicated on the daily chart suggests a sideways trend, which technically could mean a lack of clear direction for buyers or sellers.
However, on-chain measurements of major investors’ activities present contrasting views. A recent analysis by cryptocurrency analytics firm Intotheblock revealed that large-scale holders have significantly increased their LINK token holdings, accumulating over $57 million worth of LINK in the last 30 days.
Ambitious Target for LINK
Following these developments, it is anticipated that the LINK price may increase by an additional 7% in the short term, aiming to break through the neckline resistance of the formation at $16.67. If this breakout is successful, it could lead to an increase in buying pressure and potentially push the price above the recent high resistance level of $17.5. Securing this new level could enable buyers to pursue an ambitious target of $30.
Chainlink, after the Spot ETF approvals and the subsequent general market recovery, has successfully held the $13.6 support level, showing a 13.6% increase. Analysts point out that the rise on the daily chart has turned into a head and shoulders pattern, offering buyers potential for recovery. This situation indicates that buyers could aim for ambitious targets beyond the $17.5 resistance.
