- LINK is trading around $15.99 after a recent price drop.
- Daily and weekly numbers show a dip, but larger gains are possible.
- Analysts eye $32 and $51 as long-term price targets.
Chainlink (LINK), a well-known blockchain project that connects real-world data to smart contracts, shows signs of long-term strength despite facing short-term pressure. The token is down 0.58% over the last 24 hours. The weekly decline has been steeper, with the price falling by 14.89%.
At the time of writing, LINK is priced at $15.99, with a daily trading volume of $440.25 million, reflecting a 46.55% drop in activity compared to the previous day. Still, the token remains one of the top assets by market capitalization, with a value of $10.84 billion.
Chainlink Breaks Downtrend, Eyes Bullish Reversal Ahead
On the daily chart, the token recently broke through a major downtrend line that had capped its growth for months. This move hints at a shift in direction, from long-term weakness to a potential recovery phase.
After touching a recent high near $19, LINK has pulled back slightly, but this seems to be part of a healthy correction. The price now sits above the former resistance zone of $13–$14, which may serve as a strong support base.
This setup could pave the way for a new upward journey. Analysts believe the first major target is $32, a price level that has previously acted as a ceiling during strong market runs.
If the token reaches and holds above that level, it could continue toward $51, a high point seen during earlier market cycles.
Also Read: Chainlink’s Rally Isn’t Over: $17.50 Breakout Could Trigger $30 Push
On-Chain Data Reveals Mixed Signals
According to data from Coinglass, trading activity around LINK has cooled off. Daily volume dropped by over 43%, down to $817.91 million.
Open interest, which refers to the total number of active futures contracts, declined slightly by 0.85% and now stands at $827.11 million.
Despite this, the funding rate remains slightly positive at +0.0036%, indicating that market sentiment is neutral to mildly bullish.
Despite a slowdown in volume and short-term dips, the present pattern of the token chart and setup is in favor of a large action soon.
Should the LINK maintain above crucial supporting levels, it could be setting the stage for the upward direction of $32 and $51 in the long term.
Also Read: Chainlink Wallets Hit Record 769K As Mastercard Partnership Changes the Game
