Chainlink Among Top Gainers With 11% Surge, Rebound Coming?
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ChainLink (Link) soared 24% from its recent lows after losing key support levels earlier this week, leading Friday’s crypto market. Some analysts believe that the rebound may approach as whales continue to bet on cryptocurrencies.
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Key support for chain link recovery
Chainlink soared more than 10% on Friday, turning $14 resistance into support again. Cryptocurrency lost key levels Monday after the recent cryptocurrency market crash, which dropped Bitcoin (BTC) to its lowest Prices in a few months.
During the correction period, Link fell to a four-month low to $11.71, retesting its post-election breakout level for the first time since late November. The tokens hovered between the $12.5-$13.5 price zone over the past three days, failing to surpass the upper boundary of the series and retested $14 until today.
It is worth noting that this level has been a key support during Link’s past gatherings breakthrough And the bounce point in the previous cycle, Q1 2024’s high and US post-election pump. Furthermore, whenever this level is lost, it leads to a long period of accumulation of cryptocurrencies.
Following today’s surge, Link traced back to the $14.4-$14.5 price range over the past few hours, reaching a high price of $14.71. Crypto analyst Ali Martinez noted that maintaining its current level “could lay the groundwork for a rebound of $24.”
As Martinez pointed out, since July 2023 move In the past year and a half, between the upper and lower boundaries of the pattern. Links When you retest the lower area before repeating the cycle before repeating the lower area before retesting the lower area, the links surge to the upper trend line of the channel.
Based on this, the recovery of the lower range of the nearest parallel channel may send cryptocurrency to the middle area of the pattern before climbing to the upper boundary. “The surge in buying pressure at current levels can help chain links Rebound The analyst explained.
Is the link ready to reverse?
especially, whale Martinez pointed out on Tuesday that he purchased more than 3 million links in five days, and online reports showed that for the rest of the week, the address continued to buy links.
lookonchainRecent Report A large-scale address “spent $12.1 million to buy 863,174 links for $14”, with a total of 1.07 million tokens worth $15.53 million. Additionally, the address has a long position on the link, worth $31 million.
Analyst Amcrypto Alex Point out Despite Tuesday’s lows, the link remains in its long-term uptrend. However, he thinks that the token will likely retest $10 before the underlying composition.
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Meanwhile, Trader Crypto Rand suggestion The chain is ready to rebound as “linked Marines prepare for the Bulls’ reversal.” “Market observers noted that cryptocurrencies have been forming a wedge pattern since the beginning of 2025, and the $14 support recovery is “pushing breakthroughs.”
The breakout of the upper trendline of this mode is about $14.5, which may increase the price of the token by 30% near the $20 obstacle.
As of this writing, Link is trading at $14.51, up 11.6% in the daily timeframe.
Featured images from Unsplash.com, charts from TradingView.com
