Chainlink (LINK) Among Top Gainers With 11% Daily Surge, Is A Rebound To $24 Coming?

After losing a key support level earlier this week, Chainlink (LINK) has surged 24% from the recent lows to lead Friday’s crypto market. Some analysts suggested that a rebound could be around the corner as whales continue to bet on the cryptocurrency.Chainlink Recovers Critical SupportOn Friday, Chainlink surged over 10% to turn the $14 resistance into support again. The cryptocurrency lost this crucial level on Monday following the recent crypto market crash, which saw Bitcoin (BTC) fall to its lowest price in months.During the correction, LINK dropped to a four-month low at $11.71, retesting its post-election breakout levels for the first time since late November. Over the past three days, the token hovered between the $12.5-$13.5 price zone, failing to break above the range’s upper boundary and retest the $14 mark until today.It’s worth noting that this level has been a critical support during LINK’s past rallies, serving as a key breakout and bounce point in the previous cycle, Q1 2024’s high, and the post-US election pump. Moreover, whenever this level has been lost, it has led to long accumulation periods for the cryptocurrency.After today’s surge, LINK has reached a high of $14.71 before retracing to the $14.4-$14.5 price range over the past few hours. Crypto analyst Ali Martinez noted that holding its current level “could set the stage for a rebound to $24.”As Martinez has pointed out, Chainlink has been in an ascending parallel channel since July 2023, moving between the pattern’s upper and lower boundary over the last year and a half.  LINK surged to the channel’s upper trendline every time it retested the lower zone before dropping back, repeating the cycle.Based on this, the recent recovery of the parallel channel’s lower range could send the cryptocurrency to the mid-zone of the pattern before a climb to the upper boundary.  “A Spike in buying pressure at the current levels can help Chainlink rebound to the upper boundary at $45,” the analyst explained.Is LINK Poised For A Reversal?Notably, whales had bought over 3 million LINK in five days, Martinez pointed out on Tuesday, and online reports revealed that an address has continued to purchase Chainlink during the rest of the week.Lookonchain recently reported that a large-scale address has “spent 12.1 million USDC to buy 863,174 LINK at $14,” holding a total of 1.07 million tokens, valued at $15.53 million. Additionally, the address has a long position on LINK, worth $31 million.Analyst AMCrypto Alex pointed out that LINK remained in its long-term uptrend channel despite Tuesday’s low. However, he considers there is a high chance that the token will retest the $10 mark before the bottom formation.Meanwhile, trader Crypto Rand suggested that Chainlink is ready to bounce as “LINK marines are getting ready for the bull reversal.” The market watcher pointed out the cryptocurrency has been forming a falling wedge pattern since the start of 2025, and the $14 support recovery is “pushing for the breakout.”A breakout from the pattern’s upper trendline, which is around the $14.5 mark, could propel the token’s price to a 30% surge near the $20 barrier.As of this writing, LINK is trading at $14.51, an 11.6% surge in the daily timeframe.Weiter zum vollständigen Artikel bei NewsBTC Weiter zum vollständigen Artikel bei NewsBTC