Chainlink Flips The Script as 2-Year Downtrend Ends – Here’s The Next LINK Price Target

Crypto analyst Rekt Capital highlights a significant event: Chainlink’s break from its macro downtrend a few weeks ago. However, to truly embark on a macro uptrend, Chainlink needs to accomplish another feat: breaking out of its macro range. Currently, LINK is facing resistance at the upper boundary of this range. The possibility of a retest of the macro-downtrend looms large.

However, on-chain data by Lookonchain reveals an institution has aggressively accumulated LINK across numerous wallets when prices drop. Over $56 million worth of LINK has been acquired from Binance since mid-September.

This institutional buying counterbalances Chainlink’s lackluster price action, signaling long-term conviction even amid stagnation. It may limit the downside if support levels are tested again.

The technical aspect of Chainlink’s price action reveals a compelling narrative. For over a year, LINK has been consolidating below the $9 mark. Despite repeated attempts to breach this critical level, it has remained elusive.

The recent rally towards this level was met with resistance at $8.2, causing a minor pullback. However, the asset managed to maintain support above $7.4, indicating the potential for a breakout beyond $8 in the coming week.

Furthermore, if the bulls regain control of the market, there is the possibility of LINK reaching and testing the $9 zone. However, it’s important to note that sustaining gains at this level may prove challenging in the long run.

In conclusion, Chainlink’s journey toward a macro uptrend hangs in the balance as it grapples with the macro range’s upper boundary. Meanwhile, institutional interest continues to grow, adding a bullish tone to the narrative. From a technical perspective, the $9 mark remains a crucial level to watch, with the potential for both upside and downside movements in the near term.

Check $RECQ Meme Coin

Sponsored: Invest Responsibly, Do Your Own Research.
Serves as the base currency for all transactions within the Rebel Satoshi platform
ICO stage, offering tokens at a discounted price
Facilitates a smooth and efficient economy within the arcade, supporting both arcade and in-game transactions.
Grants access to a diverse range of gaming experiences in the Rebel Satoshi Arcade,
Contributes to a decentralized, community-driven RebelSatoshi platform that integrates gaming with elements of revolution, freedom, and unity, appealing to users who value such principles.
intelligent crypto
How are  regular people making returns of as much as 70% in a year with no risk?  By properly setting up a FREE Pionex grid bot - click the button to learn more.
Crypto arbitrage still works like a charm, if you do it right! Check out Alphador, leading crypto arbitrage bot to learn the best way of doing it.

Tags:

Vignesh Karunanidhi
Vignesh Karunanidhi

Seasoned crypto writer with deep passion for blockchain and cryptocurrency

CaptainAltcoin
Logo