Chainlink (LINK) is drawing attention from traders after its price recently tested the critical $20 support level.
According to market analyst Ali, holding this threshold could set the stage for a sharp rally, with the next major target projected at $47.
Technical charts suggest LINK is moving within a rising channel pattern that has guided price action since 2023. Ali’s outlook indicates that if the $20 floor remains intact, LINK could gradually climb toward mid-range resistance levels near $28 before potentially advancing toward the upper boundary of the channel around $47.
The daily chart reflects recent volatility, with LINK trading at $21.27 at press time, marking a 2.16% pullback on the day. Despite this dip, the support zone around $20 has so far proven resilient.
The Relative Strength Index (RSI) remains in neutral territory at 42.79, hinting that LINK is neither overbought nor oversold, leaving room for stronger moves in either direction.
In recent months, LINK has faced significant swings, rallying toward $26 before retreating. Market watchers now emphasize the importance of maintaining momentum above $20 to confirm bullish continuation. If the support fails, downside pressure could re-emerge, potentially pushing prices back toward the $18-$16 range.
With Chainlink’s growing role in decentralized finance and real-world asset tokenization, its price trajectory remains closely tied to broader market sentiment. Traders are now watching whether LINK can sustain its current footing to unlock the path toward higher valuations.
The information provided in this article is for educational purposes only and does not constitute financial, investment, or trading advice. Coindoo.com does not endorse or recommend any specific investment strategy or cryptocurrency. Always conduct your own research and consult with a licensed financial advisor before making any investment decisions.
Alex is an experienced financial journalist and cryptocurrency enthusiast. With over 8 years of experience covering the crypto, blockchain, and fintech industries, he is well-versed in the complex and ever-evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His approach allows him to break down complex ideas into accessible and in-depth content. Follow his publications to stay up to date with the most important trends and topics.
Source: https://coindoo.com/market/chainlink-price-prediction-20-support-could-spark-move-toward-47/