Chainlink (LINK) is showing early signs of a potential rebound as it hovers above key technical support levels. Recent price action suggests the altcoin may be preparing for a move toward the $19 zone.
Technical Indicators Point to Key Price Levels
LINK is trading near the 0.618 Fibonacci retracement level, which has previously acted as a support zone during corrections. The latest price of $12.72 was achieved after bouncing from a daily low of $12.57, according to CoinMarketCap.
Crypto analyst Ali shared on X that the $13.05 range may serve as a key point for a potential trend reversal. A long-term ascending trendline that began in mid-2023 remains intact and now sits near $11.18.
On-Chain Data Reflects Accumulation Trend
CoinGlass data shows consistent LINK outflows from spot exchanges since December 2023. The largest daily outflows occurred in mid-December and late January, each exceeding $40 million.
These movements suggest that more investors are withdrawing LINK from exchanges, possibly for long-term holding. Additional support is also visible in the on-chain In/Out of the Money data from IntoTheBlock.
Future Price Movement Prospects
Around $14.60, approximately 20,000 addresses accumulated over 90 million LINK, indicating strong buying interest at that level. Meanwhile, the MACD and RSI indicators show rising momentum, suggesting bulls may continue to drive LINK toward the $19 mark if pressure sustains.
Chainlink (LINK) shows early signs of recovery driven by key support levels and growing market interest. Next levels to watch are $13.05 and $19, which could indicate further growth potential.
