Chainlink Price Gains Momentum — LINK Chart Patterns Hint at a Big Move Ahead

LINK price surged over 6% in the past day and has gone into a critical chart region that has drawn attention from traders. 

The move comes amid broader market activity and follows a tweet by CryptoED, who pointed to institutional support and an imminent rally. 

According to the analyst, Chainlink ongoing partnerships may be aligning with the technical setup, suggesting a potential shift in momentum.

The LINK price pair was trading at $13.74 at the time of writing, with a tight spread between buy and sell orders. The price action marks a bounce off previous lows and positions the token at a major decision point on the daily chart.

LINK Testing Resistance After Prolonged Channel

Since early June, LINK price has traded within a descending channel marked by lower highs and lower lows. The current structure includes clear green boundaries, indicating well-respected trendlines. 

Price just rebounded from the lower end of the channel and is now at the upper resistance of $13.70-$13.80.

This zone is still significant for bulls to confirm a trend change. A breakdown higher may indicate a change in sentiment and expose the next level of resistance at $15.00 to $16.00.

Volume has picked up alongside this move, also showing renewed interest in the asset as it nears this decision level.

LINK Price Analysis: Support and Demand Zones Remain Intact

The lower end of the chart shows a demand zone between $11.00 and $12.00, which held firm through prior sell-offs. 

This region is backed by multiple candlestick wicks and steady volume, and is forming a base for the current uptrend. Lower down, the general support zone from $10.50 to $11.50 continues to hold.

In case the LINK price is unable to break out above the resistance, traders can aim for these levels to establish potential re-entries. Any rejection from the current level could lead to a retest of the $12.00 area, which previously showed strength.

Indicator Readings Signal Strength

The daily Stochastic RSI reading near 84 $WCT