The crypto market showed signs of revival yesterday, with several assets posting significant price gains after weeks of lackluster action. Chainlink (LINK) stood out, gaining more than 15% in just 24 hours, solidifying its position as one of the strongest altcoins in the current environment. This sharp recovery highlights growing interest in LINK as market sentiment shifts.
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Renowned analyst Jayle shared a technical analysis on X, revealing a significant development in the channel’s price action. According to Jelle, LINK has successfully flipped a key resistance level into support – a bullish signal that often precedes significant upward movement. This structural shift could pave the way for ChannelLink to target higher price levels as it prepares to test key supply zones.
The new energy of the market And Chainlink’s ability to handle key levels suggests the coming days could be crucial. If the bullish momentum continues, LINK could soon challenge overhead resistance, setting the stage for a major breakout. Amidst this awakening market, ChannelLink’s recent rise underscores its potential as a standout performer in the altcoin space.
Chainlink investors are waking up
Chainlink has faced significant selling pressure since it topped $30 on Dec. 13, triggering a pullback that tested the resilience of its bullish structure. However, recent price action suggests a change in momentum as bulls show signs of awakening. According to analysts who closely monitor the market, this could signal the start of a massive rally.
Top analysts recently Share technical analysis on XHighlighting an important development in LINK’s short-term trend. According to Jelle, the chainlink appears to have turned a key resistance level into support – a structural shift that is often seen as a precursor to significant upward movement. This bullish sign has revived optimism among investors, with Jale suggesting that LINK could target an all-time high in the near future if the current momentum continues.
The key now lies in LINK’s ability to breach critical supply zones in the coming days. A successful breach of these levels could pave the way for an aggressive rally as buyers look to capitalize on new market strength. As the broader crypto market shows signs of recovery, ChannelLink’s ability to reverse its recent downtrend positions it as a potential leader in the altcoin space.
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Important liquidity check
Chainlink (LINK) is currently trading at $22.55, indicating a strong bounce from local demand levels. The price is now testing a critical supply zone, which could determine its next big move. Encouragingly, LINK is trading above the 4-hour 200 EMA at $22.27, a key technical indicator that often signals bullish momentum when sustained as support.
For bulls, holding this level is necessary to confirm the continuation of LINK’s short-term uptrend. If LINK maintains support above the 200 EMA and builds momentum, the next significant barrier is at the $24 mark. Reclaiming this level in the coming days would likely trigger a massive breakout, opening the door for LINK to target higher resistance areas and potentially all-time highs.
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However, failure to hold the 200 EMA as support could expose LINK to fresh selling pressure, pushing prices back toward local demand. Traders and investors are keeping a close eye on these technical levels, as the broader market recovery creates favorable conditions for altcoins to regain lost ground.
Featured images from Dall-E, charts from TradingView
