- Chainlink price rose by 3% over the weekend.
- The Volume Profile Indicator shows bullish strength.
- Invalidation of the bearish thesis is a breach above $7.62.
Chainlink price shows upside potential. Key levels have been defined.
Chainlink price to challenge the bears
Chainlink price is showing evidence of a continuation of the current countertrend rally. Since the weekend, the LINK price has risen by 3%, producing a large bullish engulfing candle. An influx of volume accompanies the trend.
Chainlink price currently trades at $6.95. The bulls are trying to hurdle through the psychological $7 level, but the 8-day exponential moving average is currently acting as resistance. If the bulls can hurdle the barrier, all signs would point to a go. LINK price could rally towards $7.25 for an additional 20% hike.
LINKUSDT 30-Minute Chart
Invalidation of the bullish thesis is a breach below the recent $6.80 swing low established on October 21. If the bears breach this level, the uptrend scenario will be deemed invalid. Doing so could result in about a 20% decline toward previous liquidity levels near $5.70.
In the following video, our analysts deep dive into the price action of Solana, analyzing key levels of interest in the market.
