Chainlink (LINK) is currently fluctuating within a narrow price range and testing the key support level of $8.36. Analysts point to a critical resistance area at $9.35, a successful break of which could bring significant upward momentum. Can Chainlink finally break free from its long-term consolidation phase and break upwards?
Chainlink Faces Key $8 Support, Approaching Breakout Zone
Chainlink (LINK) has recently been oscillating in a small range between $8.36 and $9.35, with the current price hovering around $8.88. According to analyst More Crypto Online, this range-bound movement is due to the completion of a five-wave structure on the hourly chart, with $8.36 acting as a key support level. The price must stay above $8.36 to avoid a bearish breakdown.
Chainlink Consolidation: Can It Break the Long-Term Range?
For a bullish continuation, the price must reclaim $9.5. Otherwise, the price may continue to trade within its current range, with $8 acting as immediate support. A break below $8 could lead to a retest of lower support levels, such as $6.5, while $5.5 is a major long-term support level.