LINK Surges 8.7% as $21.39 Resistance Looms After 50% Rally

LINK, the native token of the Chainlink decentralized oracle network, has surged over 50% from recent lows and is now trading near the key resistance level of $21.39. As of the latest data, the token is valued at $20.90, reflecting an 8.7% increase over the past 24 hours. This upward trajectory has been marked by a breakout from a descending trendline, pushing the price more than $7 higher within weeks and placing LINK near multi-month highs [1].

The price is currently operating within a defined range of $19.11 to $21.39, with the short-term support level at $19.11 proving resilient. This support has emerged after a retest of a previous consolidation zone, reinforcing its role as a foundation for further gains [1]. The token’s appreciation has also been observed in terms of BTC and ETH, with an 8.0% and 0.9% rise respectively over the last 24 hours [1].

The market action shows a clear push toward the upper end of this range, with price nearing the critical $21.39 resistance. This level has become a focal point for traders and analysts, as a successful breakout could confirm the continuation of the bullish momentum. A move above this threshold may attract additional buying interest and potentially open the door to higher levels of support and demand. Conversely, a rejection at this level could lead to profit-taking and increased volatility as traders reassess positions [1].

The 50%+ rally from recent lows has been accompanied by an improvement in the token’s daily structure, with charts indicating a strong acceleration in momentum following the breakout from a long-term downtrend line [1]. The retest of the previous consolidation zone has served to strengthen the foundation for further upside movement, although the token remains within a defined range that suggests the market is still in a phase of testing key levels.

A critical factor in evaluating the next phase of the price action will be the volume at which a potential breakout occurs. A strong volume surge would be a positive sign, reinforcing the likelihood of a sustained upward trend. However, without such confirmation, the market may remain in a state of consolidation or potentially reverse if the resistance is rejected [1].

Broader crypto market conditions will also play a role in shaping the next move for LINK. As with many digital assets, the token’s performance is closely tied to the overall health of the sector. Institutional interest and regulatory developments could provide additional tailwinds, while a lack of fundamental progress or on-chain activity may limit further gains [1].

In summary, LINK has experienced a significant rebound from its recent lows, with the price currently testing the $21.39 resistance level. Whether this becomes a breakout or a turning point will depend on volume and broader market conditions in the coming days [1].

Source: [1] LINK Trades Near $21.39 Resistance After Sustaining Over 50% Rally from Recent Lows (https://cryptonewsland.com/link-trades-near-21-39-resistance-after-sustai/)