Key Highlights
- LINK reached approximately $12.11, posting a 6.2% gain in 24 hours following a bounce from the $11 support zone.
- Technical analyst Hov indicates LINK has finished a five-wave rally from September’s bottom, suggesting potential for further upward movement.
- Immediate resistance appears clustered between $12.80 and $13, with $15 representing the next significant barrier.
- The Chainlink strategic reserve acquired approximately 97,500 LINK tokens valued at $1.1 million, bringing total reserves to 5.96 million LINK.
- Analyst Quinten FranƧois noted that LINK hit $55 in 2021 before the majority of Chainlink’s current partnerships and reserve initiatives were launched.
Chainlink has climbed back above the $12 threshold following its recovery from recent support levels, with market participants now monitoring resistance between $12.80 and $13.
The token was trading around $12.11, reflecting a 24-hour increase of 6.21%. During the trading session, LINK fluctuated between $11.25 and $12.22.
Daily trading volume was recorded at approximately $538.65 million, while the network’s market capitalization reached roughly $9.06 billion.
This upward movement came after the token found support in the $10.70-$11 weekly range, a zone that has consistently attracted buying interest.
LINK Approaches $13 as Elliott Wave Pattern Unfolds
Cryptocurrency analyst Hov identified that LINK has finished a five-wave progression from its low point in September.
According to Hov’s assessment, there’s potential for additional upside through either a Wave C or Wave 3 formation before a more substantial pullback occurs.
The analyst further suggested the recent peak might constitute an expanded Wave 4. In this scenario, a subsequent upward movement could theoretically push toward $51.
This projection represents a long-term technical possibility rather than an imminent price objective.
Examining the four-hour timeframe, LINK has rallied from approximately $10.60 to above $12. The upper Bollinger Band is positioned near $12.93, with the middle band around $11.73 serving as immediate support.
The MACD indicator has moved above its signal line, with the histogram maintaining positive territory.
Futures market metrics present a mixed picture. Coinglass data revealed trading volume declined 14.91%, while open interest grew by 1.78%.
Strategic Reserve Maintains LINK Accumulation Pattern
Blockchain analytics from Onchain Lens revealed the Chainlink Reserve acquired approximately 97,500 LINK tokens, representing about $1.1 million in value.
Over the previous 30-day period, the reserve accumulated roughly 480,700 LINK worth $5.5 million. The total reserve holdings now stand at approximately 5.96 million LINK, with a current value near $68.71 million.
Analyst Quinten FranƧois shared perspective on LINK’s long-term trajectory via X. He emphasized that LINK achieved approximately $55 in 2021 before major developments including SWIFT collaboration, CCIP infrastructure, DTCC partnerships, reserve programs, institutional tokenization projects and numerous other current applications were implemented.
A long-term price chart accompanying his analysis displays LINK nearing a downward-sloping resistance trendline extending from its 2021 all-time high.
Currently, LINK trades beneath this multi-year trendline while challenging the immediate $12-$13 resistance band, with $11 marking the nearest support level.
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