Chainlink Tests Critical Support, Eyeing Rebound Toward $24

• Chainlink remains above critical support levels as traders observe an ascending channel pattern and bullish reversal candle on daily charts with conviction.
• Stochastic RSI displays a bullish crossover while MACD indicates flattening trends, encouraging market participants to monitor momentum for potential upward moves closely.
• The technical analysis identifies short-term resistance at $15 and mid-term levels near $17, providing traders with clear reference points for potential action efficiently.

A recent analysis on Chainlink (LINK) examines its technical chart as the digital asset tests key support levels. The asset is noted for its potential to rebound based on the current market setup and trader sentiment.

Chart Analysis

Prominent crypto analyst Ali_charts observed that Chainlink is trading near a critical support level at approximately $13.92. The tweet states, “#Chainlink $LINK is at a critical support level. Holding here could set the stage for a rebound toward $24!” This commentary follows an examination of a daily candlestick chart on Coinbase, where LINK recently peaked near $27.50 before experiencing a notable correction.

The chart reveals an ascending channel that Chainlink has followed since mid-2022. Price action displays a strong bullish reversal candle with a notable upward wick, which indicates that buyers are returning to the market. The observed trendlines serve as guides, with the lower boundary around $12–$13 offering substantial support.

Market Support and Resistance

The support zone remains focused at around $12.00. Price has found support in this range after a sustained downtrend from early February 2025. A maintained support level is vital for traders who monitor reversal signals. A bounce from this level may offer buying opportunities in the short term.

Short-term resistance is around $15.00, while mid-term resistance is near $17.00. Analysts also note that a move toward $20.00 could represent a pivot level for further upward action. Market participants monitor these levels closely, as a breakdown below support could trigger further price declines toward $10 or lower.

Technical Indicators

The analysis uses two momentum indicators: Stochastic RSI and MACD. The Stochastic RSI shows the %K at 51.94 and %D at 44.83. This recent bullish crossover suggests rising momentum while the indicator moves from the midline toward overbought conditions. The short-term signals point to possible further price gains if current trends persist.

MACD readings show a slight negative histogram and proximity between the MACD and signal lines. Although the indicator remains below zero, it exhibits flattening behavior that could eventually lead to a bullish crossover. The detailed technical review provides a framework for cautious engagement in the evolving market.