After Losing Key Support Earlier This Week, Chainlink (LINK) Has Surged 24%

After losing a key support level earlier this week, Chainlink (LINK) has surged 24% from the recent lows to lead Friday's crypto market

Chainlink (LINK) has surged 24% to lead Friday’s crypto market after losing a key support level earlier this week. Some analysts suggested that a rebound could be around the corner as whales continue to bet on the cryptocurrency.

After hitting a four-month low of $11.71 on Monday, Chainlink has recovered to the $14.4-$14.5 price zone in the last three days. This level was critical during LINK’s past rallies, serving as a key breakout and bounce point in the previous cycle, Q1 2024’s high, and the post-US election pump. Moreover, whenever this level was lost, it led to long accumulation periods for the cryptocurrency.

During the correction, Chainlink dropped to its lowest price since November 2024, testing the post-election breakout levels. The cryptocurrency also lost a crucial support at $14, which it had maintained since December 2024.

After losing this support on Monday, Chainlink dropped to $11.71, testing the critical support at $12.5. The cryptocurrency has since recovered to the $14 range, turning the resistance into support.

According to crypto analyst Ali Martinez, Chainlink holding its current level could set the stage for a rebound to $24. The cryptocurrency has been in an ascending parallel channel since July 2023, moving between the pattern’s upper and lower boundary.

Chainlink surged to the channel’s upper trendline every time it retested the lower zone and dropped back, repeating the cycle. Based on this, the recent recovery of the parallel channel’s lower range could send Chainlink to the mid-zone of the pattern before a climb to the upper boundary.

“A Spike in buying pressure at the current levels can help Chainlink rebound to the upper boundary at $45,” Martinez added.

Notably, whales had bought over 3 million LINK in five days, Martinez pointed out on Tuesday, and online reports revealed that an address has continued to purchase Chainlink during the rest of the week.

Lookonchain recently reported that a large-scale address has “spent 12.1 million USDC to buy 863,174 LINK at $14,” holding a total of 1.07 million tokens, valued at $15.53 million. Additionally, the address has a long position on LINK, worth $31 million.

Analyst AMCrypto Alex pointed out that LINK remained in its long-term uptrend channel despite Tuesday’s low. However, he considers there is a high chance that the token will retest the $10 mark before the bottom formation.

Meanwhile, trader Crypto Rand suggested that Chainlink is ready to bounce as “LINK marines are getting ready for the bull reversal.” The market watcher pointed out the cryptocurrency has been forming a falling wedge pattern since the start of 2025, and the $14 support recovery is “pushing for the breakout.”

A breakout from the pattern’s upper trendline, which is around the $14.5 mark, could propel the token’s price to a 30% surge near the $20 barrier.

As of this writing, LINK is trading at $14.51, up 11.6% in the daily timeframe.