Chainlink Eyes Bullish Reversal Above $15.30
Key Takeaways
Chainlink (LINK) is showing early signs of a potential upward trend after a prolonged sideways movement. The current price is around $15.02 USD. A clear breakout above the resistance level of $15.30 USD could pave the way toward $17 USD. Technical and on-chain data point to growing buyer strength. However, caution is warranted as short-term exchange deposits have increased.
Technical Analysis: Reversal Pattern with Potential
On the 4-hour chart, LINK has formed an inverse head-and-shoulders pattern. This formation is considered a bullish reversal signal. The so-called “neckline” lies at $15.30 USD. Only a sustained breakout above this point would confirm the pattern and unlock further upside potential.
In addition, a bullish EMA crossover can be observed: the 9-day EMA (Exponential Moving Average) has crossed above the 21-day EMA. This indicates short-term buyer strength. However, if the breakout fails, consolidation could continue in the range between $14.50 and $15.30 USD.
On-Chain Data: Activity Rises Amid Mixed Signals
On-chain data shows an increase in network activity. Transfer volume rose by 73.2% within 24 hours. The number of active wallets also increased by 11.06%. These developments suggest growing interest in LINK.
However, the number of transactions has slightly decreased by 2.33%. This may indicate short-term consolidation rather than declining interest.
Exchange Data: Reserves Drop, Inflows Rise
Reserves on centralized exchanges have decreased by 1.03% over the past seven days. This suggests reduced willingness to sell — a positive sign for the price. At the same time, net inflows to exchanges increased by 37.46% within 24 hours. Such sudden spikes may indicate short-term selling intentions.
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Derivatives Market: Cautious Optimism
The derivatives market is showing a slightly bullish sentiment. The current funding rate is 0.0090%. This means long positions are dominant, but without excessive leverage. This balanced stance indicates a healthy market environment with limited risk of sudden liquidations.
Trend Indicator Issues Buy Signal
The SuperTrend indicator has issued a new buy signal on the daily chart. This signal supports the bullish tendencies already emerging in the shorter timeframes. If LINK breaks above the $15.30 USD level with volume, it could confirm a sustainable trend reversal.
Our Assessment
Chainlink is in a critical phase. Technical patterns, rising on-chain activity, and a fresh buy signal suggest a possible continuation of the upward trend. However, a clear breakout above the $15.30 USD level is necessary to target the next milestone at $17 USD.
Short-term inflows to exchanges call for caution. Nevertheless, the positive signals currently outweigh the risks. Investors already in LINK or considering an entry should closely monitor price action around the $15.30 USD level.
Sources
- TradingView
- CryptoQuant
- X (formerly Twitter), @ali_charts
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