Chainlink (LINK) Nears Critical Reversal: Is a Bullish Breakout to $35 Ahead?

Andrew Chen
ChainLink LINK

At the time of writing, Chainlink (LINK) is trading at $14.32, marking an 8.11% decline in the past 24 hours. The token currently holds a market capitalization of $9.14 billion and a 24-hour trading volume of $1.22 billion. Despite the recent downturn, market analysts believe that LINK is approaching a pivotal reversal point, potentially signaling the start of a new bullish phase.

Bullish Structure Intact Despite Price Decline

Renowned crypto trader Satoshi Flipper has highlighted that LINK remains within a descending channel consolidation, with diagonal flag support holding firm. This technical formation suggests that despite the pullback, the overall bullish structure remains intact. Many traders see the current price levels as an attractive accumulation zone, anticipating a potential breakout.

Fibonacci Support Signals Potential Upside

Further supporting the bullish outlook, Rose Premium Signal’s analysis reveals that LINK has found strong support at the 0.786 Fibonacci retracement level—a key zone often associated with price reversals. The token is now attempting to break above a descending trendline. If successful, this breakout could confirm the start of a bullish wave, paving the way for significant upside momentum.

$35 Target in Sight if Breakout Holds

Should LINK manage to sustain a breakout, analysts are eyeing $35 as a crucial price target. This level represents a major resistance zone, and surpassing it could trigger a sustained rally. With the broader market showing early signs of stabilization and LINK maintaining key support levels, the coming days will be critical in determining its trajectory.

As Chainlink regains traction, investors and traders are closely monitoring technical indicators for confirmation of a breakout. If momentum continues to build, LINK could be poised for a strong recovery, making it a token to watch in the coming weeks.

Also Read: Is Chainlink (LINK) Headed for a 15% Drop? Whales Move 610K Tokens to Exchanges

With market sentiment gradually improving, Chainlink’s ability to break past resistance levels will be crucial in shaping its next move. Whether the anticipated bullish reversal materializes remains to be seen, but the setup suggests that a significant shift could be on the horizon.

Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.

About The Author

Andrew Chen

I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.

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