Fun

Chainlink (LINK) Among Top Gainers With 11% Daily Surge, Is A Rebound To $24 Coming?

News Feed - 2025-03-16 02:03:41

Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and publishing How Our News is Made Strict editorial policy that focuses on accuracy, relevance, and impartiality Ad discliamer Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio. Este artículo también está disponible en español.


After losing a key support level earlier this week, Chainlink (LINK) has surged 24% from the recent lows to lead Friday’s crypto market. Some analysts suggested that a rebound could be around the corner as whales continue to bet on the cryptocurrency. Related Reading Bitcoin Faces Rejection At $84,000, But Analysts Show 2020 Similarities – Recovery Ahead? 1 day ago Chainlink Recovers Critical Support


On Friday, Chainlink surged over 10% to turn the $14 resistance into support again. The cryptocurrency lost this crucial level on Monday following the recent crypto market crash, which saw Bitcoin (BTC) fall to its lowest price in months.


During the correction, LINK dropped to a four-month low at $11.71, retesting its post-election breakout levels for the first time since late November. Over the past three days, the token hovered between the $12.5-$13.5 price zone, failing to break above the range’s upper boundary and retest the $14 mark until today.


It’s worth noting that this level has been a critical support during LINK’s past rallies, serving as a key breakout and bounce point in the previous cycle, Q1 2024’s high, and the post-US election pump. Moreover, whenever this level has been lost, it has led to long accumulation periods for the cryptocurrency.


After today’s surge, LINK has reached a high of $14.71 before retracing to the $14.4-$14.5 price range over the past few hours. Crypto analyst Ali Martinez noted that holding its current level “could set the stage for a rebound to $24.” LINK trades in an ascending parallel channel. Source: Ali Martinez on X


As Martinez has pointed out, Chainlink has been in an ascending parallel channel since July 2023, moving between the pattern’s upper and lower boundary over the last year and a half.  LINK surged to the channel’s upper trendline every time it retested the lower zone before dropping back, repeating the cycle.


Based on this, the recent recovery of the parallel channel’s lower range could send the cryptocurrency to the mid-zone of the pattern before a climb to the upper boundary.  “A Spike in buying pressure at the current levels can help Chainlink rebound to the upper boundary at $45,” the analyst explained. Is LINK Poised For A Reversal?


Notably, whales had bought over 3 million LINK in five days, Martinez pointed out on Tuesday, and online reports revealed that an address has continued to purchase Chainlink during the rest of the week.


Lookonchain recently reported that a large-scale address has “spent 12.1 million USDC to buy 863,174 LINK at $14,” holding a total of 1.07 million tokens, valued at $15.53 million. Additionally, the address has a long position on LINK, worth $31 million.


Analyst AMCrypto Alex pointed out that LINK remained in its long-term uptrend channel despite Tuesday’s low. However, he considers there is a high chance that the token will retest the $10 mark before the bottom formation. Related Reading Solana (SOL) Retests Crucial Support Level – Is A 50% Price Drop On The Horizon? 2 days ago


Meanwhile, trader Crypto Rand suggested that Chainlink is ready to bounce as “LINK marines are getting ready for the bull reversal.” The market watcher pointed out the cryptocurrency has been forming a falling wedge pattern since the start of 2025, and the $14 support recovery is “pushing for the breakout.”


A breakout from the pattern’s upper trendline, which is around the $14.5 mark, could propel the token’s price to a 30% surge near the $20 barrier.


As of this writing, LINK is trading at $14.51, an 11.6% surge in the daily timeframe. Chainlink’s performance in the one-week chart. Source: LINKUSDT on TradingView Featured Image from Unsplash.com, Chart from TradingView.com

News Feed

Price analysis 9/27: BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA, AVAX, SHIB
Rakesh Upadhyay3 hours agoPrice analysis 9/27: BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA, AVAX, SHIBBitcoin’s break above $65,000 and solid buying in-the-spot BTC ETFs have traders convinced that the bull market is back
Bitcoin, Ethereum Technical Analysis: BTC, ETH Consolidate Ahead of US Consumer Sentiment Data
Bitcoin, Ethereum Technical Analysis: BTC, ETH Consolidate Ahead of US Consumer Sentiment Data Bitcoin consolidated on Friday, as traders prepared for the release of the upcoming c
Coinbase to Allow Remittance Receivers in Mexico to Cash Out in Local Currency
Coinbase to Allow Remittance Receivers in Mexico to Cash Out in Local Currency Coinbase, a leading U.S.-based exchange, has announced it will now allow remittance receivers in Mexi
Binance Lists MyShell (SHELL): HODLer Airdrops and Rewards Explained
Binance has announced the listing of MyShell (SHELL) as the 10th project on the HODLer Airdrops page, rewarding users who participated in BNB Simple Earn and On-Chain Yields subscriptions.
Market Expert Projects ‘Undervalued’ Litecoin To Soar At Least 1,000% —  Here’s How
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Dogecoin Sets The Stage For A Liftoff With Key Reversal Pattern
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Marcel Pechman1 hour agoEthereum (ETH) price reclaims $2K as data shows a surge in network activityDespite regulatory action against Binance, a surge in Ethereum network activity and the expectation of a spot ETF approva
Crypto Exchange Coinbase Files Amicus Brief to Support Ripple in SEC Lawsuit Over XRP
Crypto Exchange Coinbase Files Amicus Brief to Support Ripple in SEC Lawsuit Over XRP Cryptocurrency exchange Coinbase has filed an amicus brief in support of Ripple Labs in the U.
Binance’s Russian successor CommEx to shut down in April
Helen Partz11 hours agoBinance’s Russian successor CommEx to shut down in AprilCommEx previously remained silent about its founders or key executives, but admitted having some former Binance Russia veterans in the team
US Republicans under Trump include crypto in official party platform
Turner Wright3 hours agoUS Republicans under Trump include crypto in official party platformThe party, which vowed to oppose a CBDC and defend Bitcoin mining, is scheduled to meet on July 15-18 and select a nominee for U
Bitcoin to Peak at $115,000 by August Next Year, Says Pantera Capital CEO
Bitcoin to Peak at $115,000 by August Next Year, Says Pantera Capital CEOPantera Capital chief executive officer Dan Morehead has predicted a 50% chance the price of bitcoin (BTC) w
Bitcoin ETFs and Open Interest From BTC Futures, Options Follow Crypto Economy’s Spot Market Decline
Bitcoin ETFs and Open Interest From BTC Futures, Options Follow Crypto Economy"s Spot Market Decline Roughly 247 days ago, the total bitcoin futures open interest across 12 differe