Chainlink Just Retested Key Support – Here’s Where Price Could Be Headed Next

Chainlink (LINK) recently retested a crucial support level, bouncing back and suggesting a potential upward trend. This bounce reinforces the support level's strength, paving the way for a possible price increase. Analysts note a breakout from a falling wedge pattern, a bullish technical signal. Increasing trading volume accompanies this breakout, indicating strong buyer conviction. A successful retest of the previous resistance as support could trigger a parabolic price movement. Key resistance levels include $15.40, $17.50, $20.00, $23.80, and $26.50. However, downside risks exist; failure to maintain the current structure could lead to support levels at $12.50, $11.10, and potentially $9.28. A sustained move above the breakout zone is crucial for an extended rally. The overall outlook is cautiously bullish, contingent on continued positive momentum.