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LINK Chainlink prices hover around $11, analysts focus on breakthrough signals and key support levels
Based on recent market data, Chainlink (LINK) prices have fallen 2.71% in the past 24 hours and are currently hovering around $11.05. LINK once hit a high near $11.31, then briefly broke through $11.20, with trading volume of approximately $371.89 million during the period.
LINK prices stabilize near key levels
Market observers point out that sellers dominate the latest trading session. After Link rebounded from $11.31 in early trading, its gains stalled in the afternoon, with the price slipping to around $10.94 before recovering to $11.12. As selling pressure continued, the price remained at around $11.05.
The current direct support level is US$10.92, which has been tested many times. The lack of momentum above $11.10 suggests that buyers have not regained control of short-term price movements.
The circulation supply ofLINK is 748.1 million units, and the project market value is approximately US$8.27 billion. The current price of the token is still well below the all-time high of $52.70 set in May 2021.
Technical analysis shows a bullish pennant pattern
Technical analyst Lana Valentis pointed out that LINK has formed a bullish pennant pattern on the daily chart after a strong 50% rise in prices, which signals that a long-term downward trend may be coming to an end. The pattern formed above $11, consolidating gains since a low of $7.50.
If LINK breaks through the upper boundary of this pattern, analysts believe the target price could hit $11.50 and $12. Further resistance is expected to be around $15.50 and $20, with the long-term target pointing at $24.80, but this depends on whether prices can continue to break through the middle resistance.
MINI DICTIONARY: Bullish pennant-A bullish pennant is a persistent pattern in technical analysis that marks a brief pause in an uptrend before the next uptrend is likely to follow.
If this pattern fails and LINK falls below the bottom of the pennant, the $10 area will become the next level of concern, followed by broader support at $7.50.
Analysts emphasize short-term risks
Another market analyst Jordan pointed out that LINK rebounded from the sub-US$8 region to climb to US$11.90 and formed a short-term volatility pattern. On the four-hour chart, multiple attempts to break through the $11.90 resistance failed, while additional resistance existed around $12.50.
Weekly support is at US$10.75. If LINK closes below that level, traders may be concerned about the possibility of a further decline to $8.50. However, Jordan emphasized that as long as the price remains above $10.75, the selling risk remains hypothetical.
Many analysts regard the US$10.75 to US$11.90 range as the area that determines LINK's next key trend, and believe that the short-term direction of the token depends on whether it can remain within or break through this range.
LINK markets within narrow decision range
LINK is currently trading within a narrow range of US$10.75 to US$11.90. Holding firmly above $10.75 will support the bullish pennant pattern and may push prices to try again towards $11.50. If the price falls below $10.75, it may test support at $10.25 or even $8.50.
Analysts emphasized that a decisive breakthrough in the current range must be accompanied by a significant increase in trading volume to confirm the direction. Prior to that, LINK expects to fluctuate between key support and resistance levels, with both upside and downside possibilities.
