Chainlink Attempts to Reclaim $25 After 10% Daily Recovery

Chainlink (LINK) has recovered 10%, surpassing most of the market. Analysts suggest potential for new highs, but caution against a rejection that could lead to volatility.

Chainlink Reclaims Key Levels

Chainlink led the crypto market on Wednesday after recovering from recent pullbacks. Key points include:

LINK saw an 11% increase in one day, reaching a six-month high of $26.76.
On August 18, nearly 3,000 new LINK addresses were created, marking significant growth.
The price retested the $23.50 support zone before rebounding back to the $24.50-$25 range.
Analyst Rekt Capital noted the importance of reclaiming the $23.86-$34 price area for further rallies.
Stability at $23.86 is critical; failure to hold could lead to a pullback towards $19.41.

LINK’s Levels To Watch

Key levels to monitor include:

Monthly close above range low could signal a bullish continuation.
Failure to reclaim this area may result in deeper corrections.
Rekt Capital emphasized that $19.41 often acts as a retest zone during bullish cycles.
Altcoin Sherpa indicated a potential climb to $30 if Bitcoin maintains its uptrend.
A break through the sell wall at $26.25-$26.75 could propel LINK toward $30.

Currently, Chainlink trades at $26.15, reflecting a 35% increase over the past month.