Chainlink (LINK) Rides Bullish Wave Amid Market Uncertainty

• Chainlink (LINK) has surged, surpassing the $15 resistance level and indicating a bullish trend.
• Despite the surge, there’s a notable distribution from its peak of $22, which declined over 35% in the last 30 days.

In a recent surge, Chainlink’s (LINK) price has showcased upward momentum, outpacing even the bullish momentum of Bitcoin following its halving event. This surge, propelling LINK up by 20%, has seen it surpass the significant resistance level of $15, firmly positioning itself above key moving averages and signaling a bullish trend.

Despite this upward momentum, recent price action reflects a noticeable distribution from its peak of $22, resulting in a decline of over 35% in the last 30 trading sessions. However, amidst this volatility, LINK has displayed multiple upward candlesticks this week, hinting at a potential reversal in its trajectory.

Currently priced at $15.53, with a daily gain of 4.98%, LINK appears to hover in a state of neutrality on the charts. Its monthly return ratio stands at a challenging -23.87%, yet it boasts an impressive yearly gain of +117%.

Will Chainlink (LINK) Continued Surge?

Notably, in the past two days, the profitable supply of LINK has surged by 13%, reaching 84% at the time of writing, adding a layer of complexity to its market dynamics.

Analysts, adopting a neutral stance, anticipate LINK to encounter continued selling pressure, potentially prolonging its underperformance. To regain bullish momentum, the Chainlink must surpass the immediate resistance of $18.

A breakthrough above the resistance level of $20 could pave the way for a recovery. The next critical resistance lies at $23.5, with LINK’s price trajectory poised to reach $25 thereafter.

If LINK fails to breach the $18 mark and subsequently flips it into support, the altcoin could invalidate the prevailing bearish sentiment and rally towards $13, altering the course of its trajectory.

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