Chainlink Bulls Defend Key Support Level, Setting Stage for Rally to $12

Chainlink (LINK) is trading at $8.03 with a 24-hour trading volume of $160 million and a market capitalization of $6.01 billion, according to CoinMarketCap.

The LINK price structure and network growth point to a bullish reversal ahead, despite the 1.62% loss over the last 24 hours.

Chainlink's blockchain infrastructure is gaining adoption among major financial institutions, improving corporate actions processing with secure, verified, and standardized data.

If the $7.30-$8.20 support level holds, a possible buying interest might develop, helping LINK to break out towards $10, and ultimately to $12, according to crypto analyst CRYPTOWZRD.