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LINK On-chain data: LINK targets key resistance levels and shows upward momentum.
Chainlink's native token LINK has recently shown a clear upward trajectory and is moving towards important resistance levels around US$11.90. In the past 24 hours, the token has climbed 6.35% to hit $11.80, reflecting continued interest from short-term buyers. During the day's trading, the LINK price range ranged from $11.22 to $11.88.
Can LINK maintain its upward trend?
After the trading session opened, LINK quickly rose from US$11.08 to approximately US$11.45 in the first few hours. The price then steadily climbed to $11.70 before briefly pulling back to $11.38. However, the token quickly rebounded, breaking past $11.60 and approaching the day's high of $11.88 before the close. Trading volume on the day reached US$612.48 million, with a market value of approximately US$8.81 billion. Chainlink is a oracle network that connects offline data and smart contracts. Its core position in decentralized financial applications continues to attract attention.
The price rebounded steadily to US$11.88 in the late session, indicating that LINK regained its footing in the intraday high area.
What does technical analysis reveal?
Looking at broader technical trends, LINK has started a rise from around $8.20. This bullish phase pushed the token above $9.50, and then crossed the $10.00 and $11.00 barriers. As the price approached $11.90, the upward momentum further strengthened. After this round of gains, the token appears to have found a balance point within a trading range.
The K-line pattern forms in the range of US$11.50 to US$11.80, establishing US$11.50 to US$11.60 as the initial support area, and deeper support levels are between US$11.30 and US$11.40.
LINK's price trend showed higher lows and highs, consolidating the upward trend.
The main resistance level is between US$11.80 and US$11.90, with US$12.00 likely becoming the next target level. Immediate support remained solid in the $11.70 to $11.75 range, consistent with trading patterns.
Trading indicators show complex signals. TradingView data shows that the price of LINK is approximately US$11.848. Despite briefly falling to $11.72, the price once again rebounded to close to $11.85, demonstrating its resilience near the upper edge of the range. Some indicators, such as Bollinger Bands, signal sell signals when prices are near recent highs. In addition, Cai Jin's money flow index is-0.19, indicating that there is a deviation between price intensity and capital flow.
The US$11.80 to US$11.90 range remains the main resistance area in the short term, while the US$12.00 level is immediately above the range.
The upcoming US$11.70 to US$11.75 range is crucial as a support area and is consistent with the observed intraday correction and recovery. In addition, the range of US$11.50 to US$11.60 has become a secondary support level due to early consolidation. Market tests of $11.90 may open a new psychological target of $12.00, but as of now, the situation beyond that level is unclear.
