Chainlink Surges Over 30%, Focus Turns to Key Support Levels

• Chainlink has risen over 30%, with attention now on a potential three-wave retracement into key support zones.
• Holding above-identified support levels could lead to new highs, while failure may indicate a corrective phase.
• This retracement phase will shape Chainlink’s trajectory, with firm support critical for sustained bullish momentum.

Chainlink (LINK) has recorded a significant price increase, with recent entries now up by more than 30%. This development marks a critical juncture for the asset as attention shifts to a potential three-wave retracement pattern. Analysts emphasize that the upcoming retracement will be pivotal in determining whether Chainlink’s upward momentum will lead to new highs or remain within a corrective phase.

Tracking the Three-Wave Retracement

Market analysts Hov Waves have identified the need to monitor Chainlink for a three-wave retrace into established support zones. This retracement pattern is often a critical indicator of potential price continuation. If the retracement aligns with strong support levels, it could set the stage for further gains.

The support zone identified during this phase will serve as a decisive factor for Chainlink’s trajectory. A firm hold above this area could indicate the potential for further upward movement, potentially targeting new price highs.

Support Levels and Market Outlook

Chainlink’s price movement into support will provide clarity on whether the asset is preparing for a continuation of its bullish momentum. Conversely, a failure to hold above key support levels could signal an ongoing corrective phase, potentially leading to lower price action.

This phase of price consolidation and retracement will be closely observed by market participants. A successful test of support levels could attract renewed buying interest, reinforcing the asset’s upward trajectory.
The focus remains on Chainlink’s ability to establish firm support during its retracement phase. This support will be instrumental in shaping the asset’s next move. As Chainlink navigates this critical stage, the interplay between retracement patterns and support levels will likely determine whether the recent surge can evolve into a sustained upward trend.