Chainlink (LINK) Price Poised for Liftoff, With a Bullish Rebound

The Chainlink price is poised for liftoff, with a bullish rebound on the horizon. As LINK has soared past its key support level

Chainlink price is showing signs of a potential rebound, with analysts identifying key support and resistance levels to watch.

As the cryptocurrency market continues to navigate a volatile landscape, Chainlink’s price movements have come under scrutiny, especially with the altcoin breaking past its key support level.

Now, as the market adjusts to LINK’s potential rally to new highs, several analysts have identified critical levels that could determine the fate of Chainlink’s price.

Is Chainlink Price Ready for a Rebound?

In a detailed analysis shared with his followers on X, analyst Ali Martinez spotted key support and resistance levels for Chainlink. According to Ali’s analysis, Chainlink’s support level is established at $12.28, while $14.58 acts as a significant resistance hurdle.

As Chainlink price breaks past its support line, which now acts as a foundation, the stage is set for a potential bullish reversal, signaling an upward trend. And, if LINK breaks past the $14.58 point, which has been a significant resistance point, further upside momentum comes into view, with potential new highs on the horizon.

Chainlink: The Next Target Is $26?

According to market expert CRYPTOWZRD, Chainlink daily technical outlook remains mixed, with an indecisive close and Chainlink price testing the crucial $12.50 level.

Given LINK’s oversold condition, its price movement is likely to follow Bitcoin’s trend, the analyst noted. Interestingly, LINKBTC’s daily falling wedge formation suggests potential for an impulsive upside breakout. LINK itself is forming a daily falling wedge above its lower high trend line, indicating a possible rally towards the $16 resistance target and beyond.

Significantly, the chart presented by the expert indicates that LINK could hit $26 if it passes the resistance point. However, as per CoinGape’s Chainlink Price Prediction, LINK will reach a maximum of $15.24 in 2025.

Meanwhile, LINK’s intraday chart showed a lack of clear direction, with price movements confined to a narrow range. A breakout above $13.20 could present a trade opportunity, while a decline below $11.80 would signal a test of the main support level.

LINK Market Sentiment Analysis

In an “In/Out of the Money Around Price” analysis, Ali Martinez shared insights into the market sentiment for LINK. The analyst detailed the number of traders holding Chainlink at different price points.

At press time, Chainlink is trading at $12.81, up1.46%. Despite a 0.86% surge over the past week, LINK experienced a massive decline of 30.99% over the last month.

Notably, more addresses are holding LINK at a loss than at a profit. According to the chart, 53.06% of the holdings are “out of the money,” which means that they represent 78.24 million LINK bought at a price above the current $12.68.

At the same time, 44.63% of analyzed holdings, representing 65.81 million LINK, are ‘in the money,’ having been bought by traders at a price below $12.68. This data highlights potential support and resistance levels, with significant holdings at $12.47 and $14.19.