Chainlink (LINK) has entered a period of consolidation, trading within a tight range between $17.50 and $19.50. This sideways movement is visible on the 2-hour timeframe from the chart posted by Suzzy | DeFi on X. It suggests that LINK is gathering strength before making its next decisive move. Currently trading at $17.6, the price sits comfortably within this established range, though closer to the support level.
This consolidation pattern typically appears during periods of accumulation, where strategic investors add to their positions while waiting for clear directional signals.
The current price action shows LINK oscillating between support at $17.50 and resistance at $19.50. The support at $17.5, according to Suzzy | DeFi, is a perfect zone to accumulate for those looking to build positions before the next potential upward movement.
What Could Trigger the Next Rally?
A breakthrough above the resistance level of $19.50 would likely signal the beginning of the next upward leg. With sufficient volume supporting such a breakout, LINK could quickly target the $21 level and beyond. This scenario is what many bullish investors are eagerly anticipating.
Read Also: Massive Hyperliquid Upgrade Rolls Out—But Can HYPE Price Overcome Resistance?
Conversely, if support at $17.50 fails to hold, we might see additional downward pressure. However, Suzzy | DeFi post suggests the analyst sees this support level as significantly strong, with buyers likely to step in aggressively at this price point, making it an ideal zone for accumulation.
As LINK continues to test both support and resistance levels, patient investors are presented with an opportunity. Those who accumulate during this consolidation phase could be well-positioned when the next major move occurs. The current range provides a relatively safe entry point with defined risk parameters – buyers can set stop-losses below $17.50 while targeting potential profits if resistance breaks.
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.
