Chainlink Price Eyes Bullish Reversal as Reserves Rise

Chainlink's price has been showing signs of recovery after correcting from its local high near $13.75 on September 7.

The token slid to as low as $11.55 in subsequent trading, but it continues to hold above the key long-term support at $11.00, a level closely watched by technical analysts.

If Chainlink can reclaim the near-term resistance around $11.66, $11.88 and consolidate above it, Trader Symba believes that the token could enter another phase of expansion toward $17, $18.

However, market observers caution that investors seem active in the market but remain hesitant to adopt strong leveraged positions until further confirmation emerges.