Key points
- Chainlink is the top-performing cryptocurrency among the 20 largest by market cap, rising 10% over the past 24 hours.
- LINK could reclaim the $20 level soon if bullish momentum continues.
Chainlink outperforms major coins
LINK, the native token of the Chainlink blockchain, climbed 10% in the last 24 hours, outperforming other leading cryptocurrencies. The rally pushed LINK up from Friday’s low near $15 and it is now trading close to $19 per coin.
There was no single catalyst behind the move; rather, it followed a broader recovery across the crypto market. Bitcoin, the largest cryptocurrency by market cap, traded above $111,000 after dipping below $104,000 over the weekend.
Major altcoins also turned green, with Ether leading after recapturing $4,000. BNB, SOL, XRP, DOGE, TRX and ADA each gained more than 2% in the past 24 hours. Continued recovery pushed total crypto market capitalization to approximately $3.75 trillion.
LINK eyes $20 amid bullish price action
On the 4-hour chart, LINK/USD had been showing a downtrend and underperformance, despite the recent 10% gain. At the time of writing, LINK trades around $18.80. Technical indicators, however, are shifting toward bullish territory as buyers re-enter the market.
The RSI reading near 67 suggests buyers are in control, and LINK/USD could approach overbought levels soon if the upward trend persists. The MACD also sits in positive territory, indicating a strong bullish bias at present.
If the rally continues, LINK may reclaim the $20 mark within hours. A sustained move higher could target the next major resistance and the TLQ level near $23.50 over the coming hours or days.
Conversely, failure to maintain momentum could see LINK fall back toward last weekend’s low of $15.70. A prolonged downturn would expose LINK to a retest of the October 7 low around $14.90 in the near term.