Chainlink rebounds 6% to $12.11, nears multi-year resistance

Chainlink (LINK) saw a significant rebound over the past 24 hours, rising 6.21% to reach $12.11, according to data from BraveNewCoin. The token’s upward movement follows several days of consolidation and positions LINK near a key short-term resistance zone as traders watch for the next decisive move.

LINK approaches $12 resistance after bounce

LINK traded between $11.25 and $12.22 within the last day, recovering from weekly support in the $10.70 to $11 range. The swift turnaround has brought the price into a cluster of daily resistance levels centered near $12.

The latest recovery follows a period where LINK dropped back into an accumulation range after an earlier attempt to reach $13 lost momentum. Chart analysis suggests that $12 remains the first significant short-term test for LINK. If price holds above this level, attention shifts to the next resistance zone between $12.80 and $13, which previously acted as a barrier during earlier rallies.

A prominent market analyst highlights that $15 presents a major psychological barrier above the current resistance region. In contrast, immediate downside support sits at $11, followed by the $10 level, both noted as key psychological areas. Should selling intensify, the chart indicates further support near $9.20.

Investor Jordan’s chart identifies the range from $12.80 to $13 as key weekly resistance, noting that LINK previously touched this region before returning to its lower range.

Volume surges as price recovers

Reported 24-hour trading volume for LINK reached approximately $538.65 million, mirroring heightened activity amid the price rebound. The token’s intraday chart displays a steady climb from $11.25, eventually moving above $12 in later trading sessions.

Metric Value Price (latest) $12.11 24-hour high $12.22 24-hour low $11.25 24-hour volume $538.65 million Market cap $9.06 billion Supply 748.10 million LINK All-time high $52.70 Distance from all-time high 77% below

Despite the latest rebound, LINK’s price remains about 77% below its all-time high of $52.70. The token’s market capitalization is estimated near $9.06 billion, with a circulating supply of roughly 748.10 million LINK.

This increase in volume has not yet resulted in a confirmed breakout, as LINK continues to trade just below the noted resistance levels.

Long-term technicals focus on descending trendline

A separate analytical perspective focuses on LINK’s longer-term structure. A monthly chart shared by an analyst on X highlights a descending resistance line extending from Chainlink’s 2021 peak across lower highs formed in subsequent years. LINK is currently trading close to this trendline, suggesting a technical pivot point could be near.

The same chart depicts a second declining line that tracks more recent highs, compounding the multi-year resistance. The analyst suggests the three-week chart structure has already turned bullish, though the monthly pattern awaits confirmation of a breakout above the descending trendline.

LINK thus enters the next session with $12 to $13 as the next resistance zone under observation, while bulls are looking for a sustained move that clears the broader downtrend from previous market peaks.

Mini dictionary: BraveNewCoin is a cryptocurrency market data provider known for real-time pricing, news, and charting across digital assets.

Chainlink, developed by SmartContract, is a decentralized oracle network providing real-world data to blockchains, serving as a key infrastructure component for DeFi and many smart contract ecosystems.

One analyst points out that the monthly resistance trendline from 2021 remains unbroken, with LINK currently testing this key technical level after several years of lower highs.

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