Chainlink (LINK) Charts Analysis: Is Another Wave Coming?

Analysts see potential for another Chainlink (LINK) rally based on chart analysis. Key levels and on-chain data suggest an upward trend if support holds.

Chainlink (LINK) is showing strong signs of a potential rally, with analysts eyeing key levels on the charts. Will LINK make another run?

Analysts Spot Bullish Signals for Chainlink

Prominent crypto analysts are observing Chainlink's (LINK) chart patterns for signals of an upcoming surge. Recent analysis suggests that LINK could be gearing up for another upward move, provided it holds above key support levels.

Chart Analysis: Key Levels to Watch

Chainlink's price action over the past year can be broken down into distinct phases. After a breakout in late 2024, LINK entered a downtrend before finding support in the $12-$14 range. A breakout in July ignited a new uptrend that extended into August and September. Currently, LINK is navigating a downward-sloping channel, interpreted by analysts as a bull flag, a pattern that often precedes a continuation of the existing trend.

Key Support and Resistance Levels

• Support: $20.5-$21 is the immediate support level. Further down, $19-$19.6 and $17-$17.5 provide additional support, with a major base at $12-$14.
• Resistance: The initial barrier lies around $23-$24.50. A break above this level could pave the way toward $26-$28, followed by previous highs near $30-$31, and potentially $32-$34 if momentum picks up.

Corporate Actions Initiative: Chainlink's Broader Impact

Beyond price analysis, Chainlink is also making waves in the traditional finance world. A collaborative project involving major financial institutions like SWIFT, Euroclear, and DTCC is testing a blockchain-based system designed to streamline corporate actions. This initiative aims to reduce the costs and inefficiencies associated with current processes by creating a single, verified record of events using Chainlink's oracle technology, AI, and blockchain.

LINK vs. Emerging GameFi Contenders

While Chainlink solidifies its role in DeFi infrastructure, emerging projects like Tapzi (TAPZI) are capturing attention in the GameFi sector. While LINK offers stability and long-term growth potential, TAPZI, still in its presale stage, presents a higher-risk, higher-reward opportunity with the potential for significant returns.

What's Next for Chainlink?

The near-term outlook for Chainlink hinges on its ability to maintain its upward trajectory. As long as the price remains above the $21 area, analysts believe that conditions are favorable for a breakout above $23-$24.50, potentially leading to further gains.

So, keep an eye on those charts, folks! Whether you're a seasoned trader or just dipping your toes into the crypto waters, Chainlink's got some interesting moves ahead. And hey, who knows? Maybe we'll all be swimming in LINK before we know it!