Chainlink (LINK) is showing renewed bullish energy, currently holding above the crucial $12.50 level. Crypto analyst Ali Martinez says that if the LINK remain above the specified level, it could go further up, referring to the multi-month rising channel.
LINK currently tops the charts with a 3% rise in the last 24 hours and a 4% increase on a weekly basis. Additionally, the cryptocurrency has achieved a market capitalization of $9.68 B and is trading with a trading volume of over $500 million per day.
Technical Indicators Strengthen Bullish Outlook
Crypto analyst Daniel noted the breakout of the RSI above a long term descending trend line and is now sitting above the 50 mark. The shift in momentum suggests lower distribution paired with higher accumulation, often regarded as early bullish confirmation. LINK’s price consolidating above $13 showcases the strength after the extensive correction phase.
At press time, LINK hovers near $13.82, still challenging a downtrend line that has capped gains since early 2024. Daniel notes that a daily close above $14.00 may confirm a bullish reversal. His key resistance levels include $19.40, $22.55, and $26.10, based on past highs and Fibonacci retracement zones.
Chainlink’s Outperformance May Hint at Rotation
An crypto Analyst highlighted LINK which rose more than 8% and eventually outperformed other flat or stagnant coins in the last 24 hours. This separating out of the two markets could be an indication of LINK going into this leading phase, especially because it has played a really important role in Real World Assets (RWA) and DeFi.
Analyst ascribes the structural LINK’s rally to the recent network upgrades, integrations, and active developer participation. Increasing volumes matched with the positive RSI divergence suggest accumulation of LINK rather than speculative trading. The token has the potential to be the best performer in the next altcoin rotation cycle, that is if it breaks and stays above $14.00.
Even though the bullish sentiment is prevailing, analysts still warn that the range between 16 and 18 would bring in the resistance that would be the most significant challenge. The situation is currently different and Chainlink no doubts seems ready for a breakout—but only if the upward momentum can be maintain.
Read More: Chainlink shows a bullish pattern: Can it rally toward $21?
