Chainlink (LINK) Price Analysis: Can It Break Above $23.78 Resistance Level?

Chainlink (LINK) is currently facing a challenging situation as it hovers above a crucial support level on the two-day chart. Despite some recent setbacks, the cryptocurrency remains above the $15.90 mark. While the chart has experienced a sharp correction, there have been no major breakdowns so far. However, there is a bearish scenario in which Chainlink could continue to pull back, possibly retesting lower levels such as $15 before a potential bounce.

Bitcoin’s price decline, triggered by US President Donald Trump’s trade tariffs, has had a ripple effect on the overall market sentiment. Chainlink started the week with a price drop due to the bearish sentiment stemming from the trade tensions. Although there is potential for a rebound, the price of LINK has remained relatively stagnant in recent days.

Crypto analyst Ali Martinez recently shared on X (Formerly Twitter), “The most critical resistance zone for #Chainlink $LINK to break is $23.78. A breakout above this level could pave the way for a new bull rally!”

Key Points to Watch For:

Chainlink has the potential to push above $30, but it must maintain support levels to achieve this. A break below the recent low could signal a return to a lower range, potentially retesting the lows seen in August.

Short-Term Outlook:

On a shorter time frame, Chainlink’s price is showing signs of upward movement. It is finding support around $17.50 and could potentially break above the $19.85 level to gain momentum. If it breaks higher, key targets to watch for include the $21-$22 range.