Chainlink (LINK) Price Pumps 10%: Rally to Continue—Here's the Target

Chainlink native token LINK has seen some gains, surging approximately 10% in the past 3 days to reach $18.924. This latest price movement comes after the cryptocurrency found strong support around the $17.5 mark, a level that has consistently protected against further downside since December.

Chainlink (LINK) price has been surging lately, showing promising signs of a potential breakout. Here's what traders can expect next.

Key Takeaways

Chainlink price pumps by 10%, surging to $18.924.

LINK trades within a descending channel, with strong support at $17.5.

A breakout from the channel could lead to a 24% surge, targeting upper resistance.

Chainlink Native Token Surges 10%

Chainlink native token (LINK) has seen some nice gains, surging approximately 10% in the past 3 days to reach $18.924. This latest price movement comes after the cryptocurrency found strong support around the $17.5 mark, a level that has consistently protected against further downside since December.

After surging to a local high of $19.28 on February 19, LINK price encountered resistance at the descending trendline and began to correct. However, the correction was minimal, and price quickly recovered losses to continue its uptrend.

Chainlink Price Analysis: LINK Trades In A Descending Channel

A closer look at the 3-day price chart reveals that Chainlink price action is unfolding within a descending channel. This technical formation is characterized by price bouncing between well-defined support and resistance levels, gradually moving lower as the channel descends.

In the case of Chainlink, the upper boundary of the channel is highlighted by a descending trendline that has been consistently limiting price advances. On the other hand, the lower support zone is defined by a horizontal line that has prevented further downside multiple times.

Chainlink price has been attempting to break out of this descending channel for several weeks now. A successful breakout would likely signal the beginning of a more extended bullish trend. However, if the breakout attempt fails, Chainlink price might continue its bullish accumulation phase within the existing channel.

Chainlink Price Prediction: Potential 24% Surge In Sight

Based on current market dynamics, Chainlink appears poised for a potential 24% surge from its current trading level. This target aligns with the upper resistance of the descending trendline, offering an attractive opportunity for traders looking to capitalize on the breakout attempt.