- Despite a 14% weekly drop, LINK remains up 10% monthly, highlighting strong recovery potential.
- A Cup and Handle breakout signals a prime buying opportunity.
- Chainlink’s mid-term targets are $38.35 and $47.30, with long-term potential reaching $73.90.
- Bitcoin’s rebound supports LINK’s path to reclaim recent highs.
Chainlink (LINK) has showcased an impressive performance recently, reaching a notable high of $30. However, a broad market sell-off triggered by Bitcoin’s sharp decline led LINK to experience a significant pullback. Despite this correction, LINK has held firmly above its crucial support levels, signaling resilience and a potential setup for the next upward move.
Over the past week, LINK has faced a 14% drop, reflecting broader market volatility. However, on a 30-day timeframe, the token remains in positive territory, recording a 10% gain. This contrasting performance highlights LINK’s ability to recover from market turbulence and maintain bullish momentum.
The ongoing market recovery, led by Bitcoin’s rebound above key resistance levels, is creating a favorable environment for altcoins like LINK to stage a recovery and aim for fresh highs.
At the time of writing, Chainlink is trading at $20.60, with a 24-hour trading volume of $1.15 billion and a market capitalization of $13.15 billion. LINK currently holds a market dominance of 0.40%, with its price showing a slight 3.02% decline over the last 24 hours.
Chainlink’s Bullish Pattern Signals $73.90 Target
Market observers have expressed optimism about LINK’s future trajectory. The token has retraced back to levels aligning with a Cup and Handle breakout formation on the monthly chart, presenting what some believe to be a prime buying opportunity.
Projections suggest mid-term sell zones at $38.35 and $47.30, while long-term targets point toward $58.80 and $73.90. These price levels indicate substantial upside potential for LINK holders, provided market conditions continue to improve.
As Bitcoin leads the broader market recovery, Chainlink appears well-positioned to capitalize on positive momentum and potentially reclaim its recent highs in the coming weeks.
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