Chainlink (LINK) price shows notable strength, nearing significant resistance levels. Trader interest in the token continues to grow amid increasing volatility in the cryptocurrency market.
LINK Resilience and Rise to $30
Chainlink (LINK) has shown remarkable resilience, steadily climbing toward the critical $30 mark. The past week has seen significant on-chain accumulation, with large investors actively buying, thus reducing circulating supply and fueling bullish sentiment. The partnership with ICE, integrating forex and precious metals data into Chainlink's oracle network, has strengthened its use cases. This combination of technical momentum and fundamental support is creating a favorable environment for a potential breakout.
Possibility of a 20% Rise This Week
LINK price appears to have undergone a parabolic recovery since facing rejection at the beginning of the year. The latest rise has pushed the price towards the critical resistance levels between $26.37 and $26.97. As selling pressure from bears increases, the token is facing strong resistance, but a breakthrough may help it rise above $30. The trading volume is gradually increasing, hinting at a possible rise in volatility in the coming days.
Market Awaits Key Levels
LINK price faces strong resistance after reaching key levels. The bearish divergence shown by the OBV indicator may signal upcoming price fluctuations. Traders are expected to closely monitor the $27 level, which could lead to consolidation followed by a rise to the local threshold at $30. Maintaining above $24 also keeps a high possibility for a rebound.
The situation surrounding Chainlink (LINK) remains tense. Growing interest from large investors and successful strategic partnerships may support the token price on its way to overcoming psychological barriers.
