Chainlink is a decentralized oracle network that bridges the gap between blockchain technology and real-world data, ensuring secure and reliable information flow for smart contracts.
LINK price has shown resilience by retesting a massive support level, signaling a potential rally. The chart analysis from a recent X post by Bitcoin Buffalo suggests that a significant bounce in LINK’s price is “inevitable.”
LINK Price Analysis
The annual LINK price chart highlights $12.50 as a key support level, which has repeatedly prevented downward price movements throughout the year.
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- Support Level: The red zone around $12.50 has proven to be a robust support. Each time LINK’s price has approached this level, it has either bounced back or consolidated before a new upward movement. This indicates strong buying interest at this price point.
- Resistance Level: The next significant resistance is observed around the $18.00 mark, which LINK has struggled to break through in recent attempts. Overcoming this level could set the stage for a more substantial rally.
Given the strong support and the recent price action, if Chainlink’s price manages to break the $18.00 resistance with sustained volume, the next target could be around $22.00-$24.00. This range is based on previous resistance levels and Fibonacci retracement levels from the last peak.
