Chainlink (LINK) tested the critical resistance level at $10.50 on May 10, while the LINK/BTC pair gained strength, crossing above the 21-week moving average. Analysts believe a sustained move above $10.50 could trigger a faster recovery in the short term.
LINK/BTC breaks above 21-week MA, downtrend may be ending
The weekly chart shows LINK has moved above its long-term bottom, posting higher lows after a prolonged decline. Notably, LINK/BTC crossed above the 21-week moving average, fueling expectations that the downtrend could be ending. Investors point to Bitcoin's 40% rally as a catalyst that restored confidence across crypto markets, directing attention to higher-gain opportunities like Chainlink. Chart specialists caution that a true trend reversal depends on breaking a key downtrend line, though the strong weekly close added momentum.
$10.50 is the key resistance; LINK trades in a tight range
Technical analysts highlight $10.50 as a major resistance area. A recent chart from Kamran Asghar shows LINK breaking toward the upper boundary of a rising channel after months of accumulation. Over the past 24 hours, LINK has traded in a narrow band between $10.30 and $10.59, currently at $10.37 (CryptoAppsy). Its market cap stands at $7.51 billion, with a circulating supply of 727.1 million tokens, ranking 23rd overall. If LINK sustains above this range, buyer momentum could increase and shift short-term dynamics. If rejected, the rising channel structure remains intact, and support in lower parts will be watched.
Long-term targets of $50-$100, but 80% below ATH
Crypto Patel, a short-term analyst, noted that LINK accumulated in the $6-$9 range for a prolonged period. He sets long-term targets of $50 to $100. However, LINK trades 80.41% below its all-time high of $52.70 from May 10, 2021. A break above $10.50 in the short term could spark a faster recovery; otherwise, the price is likely to stay within the current channel.