Chainlink (LINK) Price Is Revisiting a Critical Level After a Sharp 15.9% Weekly Correction.

This suggests buyers are not active even price rises. Furthermore, LINK’s ascending trendline from mid-2023 is still intact, maintaining its bullish macro structure.

Chainlink (LINK) price is currently testing a critical level as it faces a sharp 15.9% weekly correction.

Chainlink price is now trading at $12.91, showing 6.97% daily gains. The trading volume was also low at $345.41 million after lowering by 43.7% in a day.

This suggests that buyers are not active even though the price increased.

Further, LINK’s ascending trendline from mid-2023 is still intact, maintaining its bullish macro structure.

If this support holds, then LINK price could resume its long-term uptrend, bolstered by institutional partnerships and on-chain fundamentals.

Chainlink Price Retests Multi-Month Trendline

Crypto analyst Ali Martinez highlighted a significant ascending trendline from 2023. LINK price is now retesting this line near the $12.30 zone.

This area also aligns with the 0.5 Fibonacci retracement level and the volume-weighted average price (VWAP).

Though LINK price briefly fell below it, the price quickly recovered, preserving the trendline support.

Interestingly, Bitcoinsensus further noted that the trendline has served as dynamic support in multiple bullish phases.

Historical rallies from accumulation zones include gains of 38%, 142%, and 212%, each preceded by similar pullbacks.

Martinez also mentions the $7.50 level, a key breakout zone that flipped to support.

While not a direct target, it reflected the strength of historical price structures that continue to influence market trends today.

Image: Ali Martinez on X

Institutional Demand Boosts LINK Long-Term Outlook

Additionally, Bitcoinsensus emphasized that Chainlink price has consistently ranked among top-performing large-cap altcoins since Q4 2023.

LINK price continues to post higher highs and higher lows, underlining a strong holder base.

Their analysis reveals three major accumulation phases, each triggering large rallies.

Importantly, institutional activity is driving new demand. Chainlink’s oracle tech is now integrated with SWIFT and referenced by BlackRock, boosting credibility.

These developments indicate a deeper institutional adoption of LINK as a core infrastructure token in the Web3 space.

Such support strengthens the applicability of smart contracts within blockchain ecosystems.

The speculative aspect of Chainlin’s price is diminished, and its utility has increased because it offers to provide decentralized data feeds.

This aspect reduced the pressure from the sell side and supported the price strength even during corrections.

The integration of the token with traditional finance increases investor confidence in the long run.

Technical Levels Point to Bullish Setup Amid Correction

The weekly chart from Bitcoinsensus confirms a clear bullish structure. It showcased ascending resistance, strong reaction zones, and accumulation-to-breakout cycles.

LINK’s current decline mirrors earlier pullbacks that preceded rallies. The macro trendline has not been breached, suggesting this dip is a consolidation rather than a breakdown.

In addition, Ali Martinez also has recorded a bullish power that is likely to form from the current retest.

The support with the trendline in VWAP indicates a healthy market structure. These technical metrics mean that LINK price is still in an upward trajectory despite the bearish pullback.

The higher volume during this retest is another bullish sign. There is an additional degree of support, but there is no further decrease from the levels.

However, the price action suggests that LINK intends to move to the next bullish breakout.

These technical patterns align with earlier stages where LINK price bounced back after a similar fall.

67.1% Price Increase Projected by April 2025

Changelly analysts projected LINK price to reach $16.85 by April 2025, marking a 67.1% return from current prices.

Per their projection, the trading range is expected to be between $14.08 and $19.62.

Project annual rates range between $15.86 and $17.74, which shows an upward trend.

These projections are consistent with the analysis provided by Martinez and Bitcoinsensus.

Both rely on support levels of higher timeframes, using charts and accumulation indicators.

Wider market adoption, increasing institutional investments, and a breakout above the trendline all suggest a potential move to higher prices.

Thus, as long as LINK retains this structure, it may challenge $16.85 in the medium term in line with the overall bull structure for Chainlink.

News data source: kdj.com

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