Chainlink (LINK) price indicates signs of strength as the altcoin hovers above a key support level.

Over the past 24 hours, LINK has surged by 10%, hinting at growing bullish momentum. After months of sideways trading and gradual declines

Chainlink price is showing signs of strength as the altcoin hovers above a key support level. Over the past 24 hours, LINK has surged by 10%, hinting at growing bullish momentum.

After months of sideways trading and gradual declines, LINK is now flashing early signals of a potential trend reversal. The price structure has started to look more constructive following an extended consolidation period.

Analysts suggest that if LINK manages to maintain support above the $15.00 level, the stage could be set for a larger breakout in the coming weeks, paving the way for a substantial rally in the latter half of 2024.

At the time of writing, LINK is trading hands at around $14.69, showing a slight increase of 1.17% over the past 24 hours. The cryptocurrency's 24-hour trading volume has also risen significantly by 40.30%, bringing the total to $361.25 million.

LINK Price Shows Early Signs Of Breakout As Bulls Remain In Control

Chainlink's price has started to show early signs of a breakout as the cryptocurrency remains in the hands of buyers. The crypto is now trading at $14.44, showing a 1.17% increase in the past 24 hours.

The crypto is now holding above a key support level at $13.00, which could be a crucial factor in determining the next major move for LINK. If the cryptocurrency manages to break above the $16.00 resistance zone, it could open the path for a larger rally in the coming weeks.

However, if LINK fails to hold above $13.00, it could be vulnerable to a deeper pullback, potentially retesting the $12.00 support level.

On the other hand, if LINK can maintain strength above $15.00, it could set the stage for a larger breakout in the coming weeks, paving the way for a substantial rally in the latter half of 2024.

As the global crypto market cap experiences a slight decrease of 0.13%, reducing it to $2.94 trillion, the crypto market is showing mixed signs. Nevertheless, there is a surge in investor activity as total crypto market volume over the same period increases by 45.62%, bringing the total to $87.1 billion.

The crypto market is still in a state of flux, but there are some clear trends that traders can follow. If LINK can continue to hold above key support levels and break through resistance zones, it could be positioned for significant gains in the months ahead.