Key Highlights
- LINK’s price reached approximately $12.11, marking a 24-hour increase of roughly 6.2% following a bounce from $11 support.
- Technical analyst Hov identified a completed five-wave rally from LINK’s September bottom, suggesting potential for additional upside.
- Key resistance barriers are positioned near $12.80-$13, with a secondary target at $15.
- The Chainlink strategic reserve acquired approximately 97,500 LINK tokens valued at $1.1 million, bringing total reserve holdings to 5.96 million LINK.
- Analyst Quinten François noted that LINK hit $55 in 2021 well before the implementation of numerous current integrations and the strategic reserve program.
The Chainlink token pushed back into territory above $12 following its recent pullback, with market participants now focusing on the $12.80-$13 resistance zone.
LINK’s value hovered around $12.11, representing a 6.21% gain across the 24-hour period. Throughout the trading session, the asset fluctuated within a range of $11.25 to $12.22.
Data indicated 24-hour trading activity of approximately $538.65 million, with Chainlink’s overall market cap positioned near $9.06 billion.
This upward movement emerged after the token found support around the $10.70-$11 weekly zone, a level that has consistently attracted purchasing interest.
Technical Analysis Points to Five-Wave Pattern at $13 Threshold
Cryptocurrency analyst Hov identified that LINK has finalized a five-wave rally sequence starting from its September bottom.
According to Hov’s technical breakdown, the setup allows for potential continuation through either a Wave C or Wave 3 formation before encountering a more significant correction.
The analyst further suggested that the recent peak might constitute an expanded Wave 4 pattern. In this scenario, a subsequent bullish phase could theoretically push toward $51.
This projection represents a longer-term technical possibility rather than an immediate price forecast.
Examining the four-hour timeframe, LINK has bounced from approximately $10.60 to levels exceeding $12. The Bollinger Band’s upper boundary is positioned near $12.93, with the middle band around $11.73 offering immediate support.
The MACD indicator has moved above its signal line, with histogram values remaining in positive territory.
Futures market data presents a mixed picture. Coinglass reported a 14.91% decline in trading volume, contrasted with a 1.78% rise in open interest.
Strategic Reserve Maintains LINK Accumulation Strategy
Blockchain analytics from Onchain Lens revealed that the Chainlink Reserve purchased approximately 97,500 LINK tokens valued at around $1.1 million.
Over the last 30 days, the reserve has accumulated roughly 480,700 LINK worth $5.5 million. The reserve’s complete holdings now total approximately 5.96 million LINK, representing a value near $68.71 million.
Market analyst Quinten François offered perspective on LINK’s long-term trajectory via X. He emphasized that LINK achieved approximately $55 in 2021 prior to major developments including SWIFT collaboration, CCIP deployment, DTCC partnerships, strategic reserve operations, institutional tokenization efforts, and various other current Chainlink applications.
A long-term price chart accompanying his analysis demonstrates LINK nearing a descending trendline extending from its 2021 all-time high.
Currently, LINK trades beneath this multi-year resistance line while challenging the immediate $12-$13 barrier, with support firmly established around $11.
The post Chainlink (LINK) Surges Past $12 as Strategic Reserve Accumulates and Technical Pattern Emerges appeared first on Blockonomi.
This articles is written by : Nermeen Nabil Khear Abdelmalak
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