Analyst Highlights Major Chainlink Barrier LINK Must Overcome to Reach $20

Crypto trader Ali analyzes a key resistance level that Chainlink’s LINK token must overcome before continuing its ascent. He notes that at the $15 price area, there is a major barrier composed of 19,000 addresses holding approximately 73.6 million LINK.

Ali contends that breaking past this dense overhead resistance at $15 is the pivotal next step for Chainlink to open the path higher. 

Now, with LINK rallying back to the scene of its previous capitulation, Ali believes conquering the $15 zone will validate that a new uptrend is truly underway.

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Once the resistance is cleared and LINK shows it can sustain prices above $15, Ali expects its upward trajectory to continue gaining momentum. The next major target from there would be the psychological $20 level, which would also mark an all-time high.

In summary, Chainlink must first prove it can break above and establish support in the volume-heavy $15 region. But if successful in overcoming that barrier, Ali sees LINK as able to continue powering higher and reach new peaks for the promising Oracle project. Convincing breaks of previous resistance zones often precede steep climbs in crypto, making $15 the pivotal battleground for LINK’s next major move.

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Temitope Olatunji
Temitope Olatunji

Temitope is a seasoned writer with over four years of experience. He specializes in Web3 and FinTech topics and enjoys creating content in these areas. He holds both a bachelor's and master's degree in Linguistics. When not writing, he trades forex and plays video games.