Chainlink Surges 3% in 24 Hours, Eyes 18 Target

Chainlink (LINK) has recently demonstrated notable upward momentum, surpassing a critical support level. This development has sparked renewed optimism among traders and analysts, who are now closely observing the cryptocurrency's performance. The key support level, identified as a range between $12.87 and $13.26, has been a pivotal point where over 53.91 million LINK were accumulated by more than 20,000 addresses. This accumulation suggests a strong foundation of support, which has likely contributed to the recent surge in Chainlink's price.

Analysts are now setting their sights on a potential target of $18 for Chainlink. This optimistic outlook is based on the cryptocurrency's ability to maintain its position above the key support level, indicating a bullish trend. The recent price action has shown that Chainlink is not only holding above this support but also gaining traction, which could lead to further upward movement.

Crypto market analyst Ali highlighted in a recent post that if LINK sustains its position above $12.50, it could open the door for a strong rally toward the $18 mark, citing technical patterns from a multi-month ascending channel. Currently trading at $14.28, LINK has gained nearly 3% in the last 24 hours and is up close to 4% over the past week. The token also boasts a market capitalization of $9.68 billion, signaling renewed interest from both retail and institutional participants.

The bullish sentiment aligns with Chainlink’s broader positioning as a leading data infrastructure provider for real-world assets (RWA) and decentralized finance, which has seen increased attention in recent months. A breakout above the current levels may trigger a fresh wave of buying, especially as the token approaches mid-range resistance levels on the channel chart shared by the analyst.

While momentum appears to favor the bulls, market participants are advised to monitor for potential resistance around the $16–$18 range, as previous attempts to break higher earlier in the year met significant selling pressure. The double-bottom pattern observed in Chainlink's price chart further supports the bullish sentiment. This pattern, combined with a spike in short-term holder profitability to a 7-week high, suggests that the cryptocurrency is poised for a significant rally. According to the analyst's forecast, Chainlink could see a 126% rally to $32, although this remains a speculative target based on current market conditions and technical analysis.

The recent surge in Chainlink's price has been driven by a combination of factors, including increased adoption and integration into various decentralized finance (DeFi) platforms. The cryptocurrency's role as a bridge between smart contracts and real-world data has made it an essential component in the DeFi ecosystem, further bolstering its value proposition.

As Chainlink continues to gain momentum, traders and investors are closely monitoring its performance. The cryptocurrency's ability to maintain its position above the key support level and the potential for a significant rally have made it a focal point in the market. With analysts eyeing a target of $18 and the possibility of a 126% rally to $32, Chainlink's future looks promising. However, it is important to note that the cryptocurrency market is highly volatile, and prices can fluctuate rapidly. Therefore, investors should exercise caution and conduct thorough research before making any investment decisions.