Chainlink (LINK) is hovering under the $12.35 resistance level, with potential to flip $13.00 into support if momentum is sustained. Despite recent selling pressure, the low volume of profit-taking may indicate an impending breakout.
Macro indicators for LINK, including Bollinger Bands nearing a squeeze, suggest a sharp price move could be on the horizon. Maintaining current positions within these bands could signal bullish momentum, paving the way for an upward surge.
Short-term holders, now possessing just 2.9% of the circulating supply—a 16-month low—imply reduced market disruption risks, strengthening the foundation for a LINK rally without sudden sell-offs.
Flipping the local resistance at $10.79 into support is crucial for targeting $12.35. A successful breach could result in a 15% rise, marking a six-month high and potentially fueling market bullishness.
However, failure to overcome $12.35 might confine LINK to its current range, hovering above $9.35 and invalidating the bullish outlook.
