- Chainlink (LINK) recently broke out of an 18-month range that extended from $5.16 to $11.87.
- LINK may rise further, surpassing $12.23 and $17.79 resistance, or it could reverse and decline to $9.66 and $8.60.
Chainlink (LINK) has reached an 18-month consolidation phase, marking a significant breakout in its price movement. This extended period of range-bound trading saw LINK jump from $5.16 to $11.87, with a $8.15 resistance level.
On October 21st, LINK broke free from this consolidation pattern, breaching the resistance trendline and triggering a remarkable rally that propelled the coin to $11.87 range on October 31, displaying a 50% gain within a month.
What Chainlink (LINK) Next Target?
Despite the challenges posed by Bitcoin’s price dynamics, Chainlink’s price action showcases a bullish breakout from a falling channel, successfully reclaiming the key threshold of $10. With growing momentum in its trend, LINK’s value is approaching the overhead resistance trendline.
The optimism around Chainlink grows as it integrates with various blockchain networks, including Advanced Crypto Strategies DAO, Equilibria, Cobo Global, StaFi Protocol’s liquid staking solution, Thales Market, and Xena Finance, extending its presence in the blockchain ecosystem. Additionally, Arta TechFin Corporation Limited has disclosed its collaborative efforts with Chainlink Labs to develop regulated, interoperable fund tokens across major blockchains.
Analyzing the market from a technical standpoint, the Relative Strength Index (RSI) signals that the bulls are currently in control. This suggests potential opportunities for swing trading in the prevailing direction. If this trend persists, LINK may encounter further resistance levels at $12.23 and $17.79, potentially propelling Chainlink to the $23.22 mark.
However, it’s important to note that in the event of a reversal in the trend, LINK’s price could experience downward pressure, with potential support levels at $9.66 and even $8.60. Also, as Bitcoin’s sideways movement around the $35,000 mark continues, LINK is currently grappling with a supply barrier at the $12 level.
At the time of writing, Chainlink’s price stands at $11.32, climbing over 3.5% in the last 24 hours and 102% in a year.
