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Russian (RU) Marc Guberti
Sun, Apr 27, 2025, 11:34 AM 3 min read
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Chainlink has been one of the top gainers – within the top 25 – in recent days, as liquidity has begun flowing into the altcoin market following Bitcoin’s bounce.
In a previous article I wrote on Chainlink, I mentioned that it could be setting up for a potential rally from the November lows. As of now, we're up over 30% since the publication of that piece.
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Like many altcoins, the weekly charts for most still don't look great and remain in a bearish structure. LINK is included in that list, but with the recent strength we’ve seen, we can start monitoring key levels to get an idea of whether this momentum might continue in the short- to mid-term.
Key Levels To Monitor:
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With the bounce off the 2023 trend line, highlighted in a previous article, the daily chart has shifted to a more bullish stance, breaking above previous highs. Key price levels to monitor as support are $13.10 and $14.03, as both of these levels were former resistance that have now been broken through.
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On the daily chart, LINK has approached a key level, similar to many altcoins. This level is the $15.20-$15.90 range, which represents a previous high that was violently rejected, causing LINK to make a new lower low.
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If LINK shows strength above the previously mentioned range, the next crucial level it may approach — but likely face resistance — is the $18.25 level. This was the last point where LINK had a rally before continuing lower on the weekly chart.
Like all altcoins, narratives can shift quickly, but doing research on the fundamentals of altcoins can give you a slight edge. By understanding the project’s use case, technology, and market potential, you can spot altcoins that may have strong long-term growth (alpha), rather than just following the market’s ups and downs like most altcoins (high beta). This can help you get into altcoins that are more likely to outperform, rather than just react to market sentiment.
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In the short term, I'm anticipating a retracement across many altcoins and even Bitcoin following the recent rally. These types of pullbacks are often necessary for a healthy trend, allowing the market to reset and shake out weaker hands before potentially continuing higher.
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