Chainlink Bounces From Key Support, Eyes Breakout From Downtrend

Cryptocurrency analytics firm MakroVision has shared its technical assessment of Chainlink (LINK) price action.

The company noted that LINK is showing an upward reaction from its strong support area at around $11, which it interprets as the first positive signal.

According to the analyst firm, last week LINK retested the old downtrend channel (green) and the obvious $11 support. The overlap of these two technical elements created a strong support cluster.

The upward movement from this level continued with an impulsive (sudden and strong) rise above the $12.70 level. This situation points to a possible V-bottom formation and carries a bullish signal. According to analysts, the $12.60–$12.90 range is being followed as a new support zone in the short term.

The chart illustrates this structure with clearly drawn green and blue trend channels, alongside horizontal support levels. LINK’s latest bounce from the $10.90 zone coincides with the lower green trendline and a horizontal support cluster. The price then surged past the $12.60 line, testing the lower boundary of the blue downtrend channel. These confluences suggest a technical pivot point is in play.

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After that, according to MakroVision analysts, if LINK stays above the $12.60–$12.90 area, the short-term momentum could be in favor of the bulls. The next critical step is for the price to break above the blue downtrend channel. If that happens, the $16.50–$17.30 range stands out as the new target resistance area.

Kosta Gushterov

Kosta has been working in the crypto industry for over 4 years. He strives to present different perspectives on a given topic and enjoys the sector for its transparency and dynamism. In his work, he focuses on balanced coverage of events and developments in the crypto space, providing information to his readers from a neutral perspective.