Following a market downturn due to Spot ETF approvals, Chainlink (LINK) has impressively held above the critical support level of $13.6. The altcoin has seen a notable 13.6% price surge in the past week, with its value reaching $15.46, signaling a robust market recovery.
Cryptocurrency experts have identified a bullish head and shoulders pattern on the daily chart, hinting at a possible continuation of the upward trend. Despite the three-month volatility and sideways movement, this pattern suggests an opening for buyers to drive further gains.
On-chain data reveals that large investors have been bullish on LINK, accumulating over $57 million worth of the token in the last month. This significant investment activity contrasts with the uncertain trend lines, indicating strong confidence among major holders.
Setting Sights on a Higher Goal
With the recent positive developments, analysts forecast a short-term 7% increase in LINK’s price, potentially overcoming the $16.67 resistance. A successful breakout could intensify buying pressure, possibly propelling the price past the $17.5 high resistance level and setting an ambitious $30 target.
In conclusion, Chainlink has demonstrated resilience in the face of market fluctuations, maintaining support and showing the potential for significant growth. The observed head and shoulders pattern and on-chain investor activity suggest that LINK may be gearing up for an aggressive upward trajectory.