Will Chainlink’s price rally above $13 soon?
Chainlink (LINK) is navigating a critical phase, with its price currently sitting far below its all-time high. Let’s take a closer look at what’s happening and where LINK might head next.
Chainlink’s Current Price and Resistance Levels
Chainlink is trading at $10.66, which is 80.2% below its all-time high of $42.37.
The token is currently facing a local resistance level at $10.79.
If LINK can flip this resistance into support, it could open the door to a rally.
Key Resistance Ahead: $12.35
The next major barrier for Chainlink is the $12.35 level.
If LINK manages to break through this resistance, the price could rise to $12.94.
A move above $12.94 would mark a six-month high, pushing the price closer to $13.00.
If successful, LINK could see a potential 15% price increase, fueling bullish sentiment.
What Happens If Resistance Holds?
Failure to break above $12.35 could result in a continuation of rangebound movement.
In this case, LINK could stay trapped between $9.35 and $12.35, a range it has been stuck in for the past six weeks.
This would invalidate any short-term bullish predictions and signal a more cautious approach.
Chainlink’s Performance in 2024
LINK rallied with the broader crypto market earlier in 2024, but those gains have since disappeared.
The token is now trading sideways around the $10 mark, down over 30% from its 2024 opening price.
Despite attempts to regain momentum, Chainlink has struggled to break out of its recent trading range.
The Impact of Solana’s Rise
One of the factors affecting Chainlink’s performance is the growing dominance of other Smart Contract platforms, particularly Solana.
As ecosystems like Solana expand rapidly, demand for Chainlink’s Smart Contracts abstraction layer has declined.
This shift has contributed to LINK’s price stagnation and added downward pressure.
Analysts’ Recommendation: Time to Sell?
Some analysts are advising investors to consider selling Chainlink.
While a breakout above $12.35 could reignite interest, the current lack of momentum and competition from other platforms suggest a cautious approach.
If LINK fails to break through its key resistance levels, further price stagnation or even decline may occur.
Final Thoughts
Chainlink’s future hangs in the balance. A breakout above $12.35 could set the stage for a strong rally, but failure to breach this level might keep LINK trapped in its current range. Keep an eye on the key resistance levels in the coming weeks, as they could shape
Chainlink’s short-term trajectory.
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