In the last 24 hours, Chainlink (LINK) has increased by 6%, suggesting potential further growth based on current technical indicators and price structure.
Current Market Situation
Chainlink is exhibiting a steady bullish trend after rebounding from key support at $9.49. This level has served as the foundation for the current rally, pushing LINK into aggressive upward movement. The price is currently trading above the value area high but is facing a critical resistance level at $24.88.
Key Technical Levels
Key technical points include:
- **Strong Support:** The $9.49 level is critical and initiated the current rally. - **Major Resistance:** The $24.88 resistance is capping price action; a breakout could accelerate momentum towards $33.75. - **Volume Profile:** Healthy bullish inflows indicate continued demand, supporting the case for further upside.
Price Action Expectations
If LINK can hold above its current breakout zone and close decisively over $24.88, the next technical target lies at $33.75. Breaking that level would establish new swing highs and potentially trigger a broader bullish continuation. Conversely, failure to hold current levels could lead to a short-term retest of the POC or value area low before another upward attempt. Overall, the structure remains bullish, with higher levels likely if resistances give way.
In conclusion, Chainlink is showing positive signals in the market, and should current trends and support levels hold, further price growth can be anticipated.
