Chainlink (LINK) is moving on a positive price trajectory, showing a noticeable surge in value. Over the last 24 hours, LINK has gained approximately 1.08%, while on the weekly chart, the token still reflects a mild 0.99% weekly decline.
At the time of writing, LINK trades near $12.55, supported by strong buying interest. Its 24-hour trading volume stands at $397.35 million, up by 68.69%, while the market capitalization is around $8.88 billion, registering a modest 0.98% gain in today’s broader cryptocurrency market.
Also Read: Chainlink Price Alert: LINK Holding Support, $14–$15 in Sight
According to crypto analyst @Morecryptoonl, Chainlink maintains a bullish Elliott structure after completing a correction and rebounding strongly from the demand zone at $12.11 – $11.84, aligned with key 61.8%, 78.6%, and 88.7% Fibonacci levels. Buyers retained control, the price broke resistance, and momentum strengthened. As long as the structure holds above $12.40 – $12.10, bullish sentiment remains dominant.
Wave 1 and Wave 2 appear to be completed, and the price is moving forward in the impulsive Wave 3, with clearly defined sub-waves supporting the uptrend. A temporary pullback in Wave 4 has developed, and the price is moving upward. Remaining above the $12.40-$12.10 maintains the positive trend, while a breakout below $11.80 may lead to a loss of validity.
Upside Fibonacci extension levels are well-defined, with the 100% level at $15.08, 123.6% around $16.01, and the 138% level near $16.60, in addition to significant resistance around the 38.2% level at $15.75. These levels serve as profit-taking and reaction levels. A breach of $11.80 would thus undermine the bullish scenario and present further levels of support.
According to another crypto analyst, @DonWedge, Chainlink is currently in a repeating falling wedge formation, which is similar to the formation before the previous rally. The price is currently consolidating in a strong accumulation zone between $9 and $12.50, where the buyers are actively absorbing the selling pressure. Above this zone, the price is indicating stability, which will help it turn around and move into a bullish trend.
The breakout above the declining resistance trendline would unleash the buying momentum. The initial level to be reclaimed would be $14-$15. The major level of confirmation would be $18. A sustained move above this level would pave the way towards $22-$23. But failure to retain the accumulation area with a close below $9 would erode the positive view.
Also Read: Chainlink (LINK) Eyes $20 Rally Amid Whale Activity and Bitcoin Momentum
