Chainlink (LINK) has once again maintained its key support level despite ongoing market volatility.
It faced repeated tests at this price, yet buyers continue to hold firm. Investors and analysts are closely watching whether the token can sustain this level and begin an upward movement.
Chainlink Defends $13 Support Amid Repeated Retests
In the previous week, Chainlink touched the $13 mark several times. Each time, there was demand from the bulls to keep the price up.
This level is important as it shows that bulls are already defending the prize. This performance is quite stable according to crypto analyst Sjuul from AltCryptoGems.
Similarly, analyst Joshua Jake suggested that Chainlink belongs among the most underestimated altcoins.
In particular, he outlined how LINK is increasingly assuming a position of importance in blockchain as more advancements are developed, including SVR, CCIP, and Proof of Bill.
These trends put Chainlink at the forefront of decentralized finance (DeFi) despite the current price decline.
Market analysis gives that if LINK maintains above $13, it will provide support for a potential upward trend.
A decline below this level will, however, push the price toward the $12 level. And some buyers may try to get in at this point.
Market Uncertainty and Chainlink’s Price Movement
The crypto market has overall remained under a significant amount of pressure over the years due to several global, economic, and regulatory issues, and changing investor sentiment.
It has been difficult for most altcoins, such as Chainlink, to post an upward movement.
At the time of writing this, LINK’s price is $13.43 per token, down by 4.07% within the last day.
It is regarded as a level that determines the direction of the asset’s price’s movement in the next periods.
If bulls can sustain the levels at this range and break the resistance levels, there is the possibility of a bounce back to $16.
However, if the selling pressure increases, then the price could fall below $13, and further declines may be expected.
Crypto analyst Ali Martinez has also pointed out that the TD Sequential has given a buy signal at this level, suggesting a change of trend.
On the technical level, LINK is currently under pressure, but the current price range has been a support zone in the past.
Despite the ongoing struggle to reclaim higher ground, LINK’s ability to hold this key level suggests that buyers are not giving up.
A push above the $14 and $16 resistance levels would be necessary for a confirmed breakout.
On the other hand, if LINK fails to hold its support, a decline toward the $12 region remains a possibility.
It is noteworthy that in 2024, Chainlink saw consolidation within a “Macro Triangular market structure. Following that, the token saw broke past $25. However, post that move, LINK pushed back down and within the pattern again.
Chainlink Expands Web3 Infrastructure with New Integrations
Although the LINK token is still struggling to recover on the daily chart, Chainlink is actively developing its presence in the blockchain industry through several new collaborations.
Recent updates suggest that the platform has successfully connected its services to various blockchains: ApeChain, Arbitrum, Base, Celo, Cronos, Cronos zkEVM, and Ethereum.
These are aimed at further improving the level of security and efficiency as well as enabling cross-chain processes.
One of the major collaborations highlighted is with Aave, which has incorporated Chainlink’s Smart Value Recapture oracle.
This tool assists in reclaiming the MEV profits, which are supposed to be distributed back to users, making DeFi a fairer program.
Moreover, the Apecoin team has integrated the project with Chainlink technology to ensure the validity of the zero-knowledge proof system to minimize the transaction costs.
The post Chainlink Holds $13 Support Again, Bulls Defend Key Level appeared first on The Coin Republic.
