Chainlink Holds Ground Above Resistance, Next Move Key

Chainlink's (LINK) recovery pattern remains intact as it breaks above multiple resistance levels. The cryptocurrency has established itself in the $13-$14 region, and investors are keeping a close eye on this support zone to determine if it will resume its bullish move.

The recent technical setups highlight how LINK has pushed past old resistance levels and is now acting as support. According to trader Sjuul from Alt Crypto Gems, LINK had pierced several resistance levels and flipped them into support zones, making the range of $13-$14 an ideal region to defend.

However, if the price breaks below this zone, it could soften the current setup and open up the token to its next support zone formed in previous consolidations. The monthly chart still shows LINK trading below its 2021 high, indicating a need for sustained breakout and more buying pressure to drive the price higher.

Market conditions and blockchain infrastructure projects will also play a significant role in determining LINK's price. Technical figures suggest that the chart can continue to grow in the short term, but caution is advised as the Chaikin Money Flow indicator remains below zero, indicating that the strength of buying pressure has not been affirmed yet.