Chainlink Rebounds from Key Support Zone, Analysts Eye Bullish Reversal
Chainlink (LINK) may be entering a new bullish phase after bouncing from a historically strong support level, according to a fresh market read by research firm MakroVision.
The cryptocurrency recently revisited the $11 zone—an area that has previously served as a price floor—and posted a sharp upward reaction, hinting at renewed buyer interest.
The firm highlights that LINK revisited a major technical convergence point last week, where its long-standing descending channel intersected with the critical $11 level. This overlap created what analysts describe as a “demand cluster,” triggering a swift reversal in price that pushed LINK past the $12.70 mark. The nature of the move, described as impulsive and sharp, is raising the possibility of a V-shaped bottom forming on the chart.
Short-term price action now appears to be stabilizing within the $12.60 to $12.90 range, which is being closely monitored as a new potential support zone. Analysts say holding above this band could provide the momentum needed for further gains.
MakroVision notes that LINK must now overcome another major hurdle: breaking out of its larger downtrend channel. Should bulls manage to flip that structure, the next key resistance area is projected between $16.50 and $17.30—levels not seen in recent weeks.
While not yet a confirmed trend reversal, the recent surge in LINK’s price may signal a shift in market sentiment. If the token maintains support above $12.60, technical momentum could tilt in favor of buyers as summer trading unfolds.
Alexander Stefanov
Reporter at Coindoo
Alex is an experienced financial journalist and cryptocurrency enthusiast. With over 8 years of experience covering the crypto, blockchain, and fintech industries, he is well-versed in the complex and ever-evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His approach allows him to break down complex ideas into accessible and in-depth content. Follow his publications to stay up to date with the most important trends and topics.
