Chainlink Price Surge: Accumulation Could Push LINK to $30
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Chainlink (LINK) has shown remarkable resilience amidst market volatility, recently surging 21% from its Sunday lows. This upward trend follows months of quiet accumulation and consolidation, suggesting a potential shift in market sentiment. Analyst Henry Lord highlights increased volume and volatility as key indicators of this change, indicating a possible end to the accumulation phase. While LINK remains technically within a consolidation range, a decisive breakout above key resistance levels, particularly the 100-day SMA ($14.65) and then the 200-day SMA ($14.16), could trigger a significant price rally. If bulls successfully break through these resistance levels, a move towards the $17-$18 range is anticipated, with a potential further surge to $25-$30 not being ruled out. This potential rally is fueled by the belief that periods of inactivity often mask the actions of “smart money”, quietly accumulating before a broader market uptrend. However, maintaining prices above current levels is crucial; a breakdown could lead to deeper corrections. The recovery from the $11.50 level and the current trading above the 50-day SMA ($13.50) are positive signals, but confirmation is needed via a sustained break above the 100-day SMA. The current situation presents a cautious optimism; a confirmed breakout is needed before the bullish sentiment can take full control. The overall macro structure remains bearish, but short-term accumulation and the formation of higher lows indicate growing demand for LINK.
