LINK’s price pulled back after its recent surge up. Right now, it’s settling between $19-$25, and traders are wondering what comes next.
Crypto analyst Michaël van de Poppe posted on X that he thinks LINK might move up again soon, now that it’s found stable ground at these prices. He stated, “Seems like we’re getting this scenario on $LINK,” reflecting his optimism about the token’s potential for an upward movement soon.
What you'll learn 👉
Chainlink Price Action and Trend Analysis
The chart analysis indicates that LINK has been in a consolidation phase after reaching a peak of around $25. After hitting this high, LINK dropped back to the $15-16 range, where buyers stepped in. At writing, LINK’s price sits at $23.30.
With prices holding steady at $19-23, LINK could be ready for another push higher, according to van de Poppe’s analysis. The market is watching to see if it can break through resistance and keep climbing. All signs point to another possible move up, as long as buyers keep supporting the price here.
Looking at the technical indicators, the RSI sits in the middle range – not showing any extreme buying or selling pressure. This often happens when prices take a breather before making their next big move. Traders typically look for such patterns to gauge potential entry points.
Chainlink Support and Resistance Zones
A key focus for LINK traders is the green zone drawn on the chart. It highlights the $15-$16 range as a critical support level. The price has recently bounced within this region, and if it holds, this could act as a springboard for further upward movement. If LINK’s price continues to stabilize at this support level, it may be well-positioned to retest the $25 resistance zone.
Michaël van de Poppe supports this outlook, suggesting that the market will likely rotate upwards quickly once the support level proves its resilience. The combination of neutral RSI readings and low volume during the consolidation phase suggests that a breakout could be imminent once the market sees a catalyst.
Volume and Market Sentiment
The chart shows a decrease in trading volume during the consolidation phase. Trading volume is quiet right now. This happens when the market is waiting for something significant to happen before making a big move up or down.
For LINK, this trigger could be fresh interest from buyers or changes in the broader crypto market. Traders typically watch for sudden volume increases to confirm a breakout, which could push the price up to the next resistance level.
Even with the low volume, the steady price movement and middle-ground RSI reading suggest the market is just taking a breather. If we see volume pick up alongside rising prices, that could kick off a new upward run for LINK.
Finally, with the price of LINK holding steady above $19, it might be getting ready for another push higher, in line with what Michaël van de Poppe thinks. Everyone’s watching to see if it can break through resistance and keep climbing.
Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.
Get all our future calls by joining our FREE Telegram group.
We recommend eToro
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
