Chainlink Price Compression Tightens as Bulls Push Toward a Potential Rally
Chainlink (LINK) is showing renewed long-term strength and tighter price compression, suggesting a potential expansion phase following strong support defense.Summary
Chainlink (LINK) is exhibiting signs of renewed strength after rebounding from the $12 support area, leading to tightening price compression that signals a potential rally. Long-term analysis shows LINK trading within a broad range, with recent upward movement being the strongest reaction from support in nearly two years, approaching a multi-year descending trendline. Analysts suggest this consolidation near the downtrend line could precede an expansion phase, with key resistance watched near $24, and potential medium-term targets at $28–$32 and $58 if the trendline is broken. Shorter-term analysis highlights a falling-wedge pattern on the eight-hour chart, where price compression near the apex suggests an imminent breakout, with immediate resistance near $13.30 and supply zones between $15–$17.
Intraday action shows LINK stabilizing around $13.40 after defending short-term support near $12.80, indicating active buyer participation as the market compresses, setting the stage for a potential move above the $13.50 psychological level.
(Source：Brave New Coin)