Up over 20% since the last trading day, Chainlink is one of the best-performing tokens on the market. While Bitcoin and other altcoins are consolidating, LINK price has crossed an important resistance level and established a subtle uptrend. However, the price is showing weakness after entering the important resistance area. So now the question arises whether prices will bear the upward pressure or be rejected.
The fresh uptrend allowed LINK price to break above the upper resistance of the channel and test the important level. Previously in 2020 and 2022, prices failed to rise beyond that zone. While the trend reversed after a massive bull market in 2021, the rejection in 2022 sent prices into a bearish well where they have been consolidating for over 18 months.
Now that the price is showing potential for continued upside, another 5-8% rise could push it past $20. But when?
After a bearish decline in the second half of 2021, the bulls continued to trade lower for long periods of time, but at frequent intervals. Prices are testing levels previously denied, but trading now appears likely to be in a mixed trend. Mainly because the bulls have been building up strength for over 10 weeks.
The price made a steep rally to test the $18 level, which eventually exhausted the bulls and resulted in a rejection. However, as at the beginning of the 2021 bull market, prices solidified well and eventually recorded a large-scale bull market, recording growth of more than 375%. Therefore, Chainlink (LINK) price should remain strong and rise above $20, and cannot rise further than $27.
While long-term accumulation typically outperforms in bull markets, LINK price is taking its time. So, if Bitcoin shows some strength, all altcoins, including Chainlink, can get the strength they need.