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Chainlink has reclaimed the $7.40 support as its price shows signs of recovery.
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Upcoming Chainlink staking is expected to act as a bullish catalyst.
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If current momentum continues, LINK could target $9.40.
After a mostly bearish week, Chainlink’s LINK/USD pair is showing renewed strength. A higher-than-expected inflation report on Tuesday briefly pushed the token down to $7.03, beneath the important $7.40 support and raising concerns about a return to previous lows.
Buyers have since stepped in to stem the decline. LINK is trading near $7.60, comfortably above the $7.40 support and exhibiting growing momentum. At the time of writing, LINK was up roughly 2.16% over the past 24 hours, outperforming the broader market where many tokens slipped during the same period.
Fundamental activity around Chainlink has been modest recently, but the planned launch of Chainlink Staking later this year remains an important bullish factor. The staking program, along with initiatives to expand the oracle network and enhance security through a token-based staking system, has helped shape positive sentiment for the native token.
Chainlink forms a bullish pin bar at support
Source – TradingView
From a technical perspective, LINK appears to be recovering around the $7.40 support area, which also aligns with a short-term ascending trendline and a defined support zone. The formation of a bullish pin bar at this level signals that buyers rejected lower prices, supporting a near-term upside bias for the asset.
Momentum indicators support the optimistic view. The MACD remains in bullish territory, and LINK is trading above the 50-day moving average—both factors that typically favor further gains. As long as the $7.40 support holds, Link looks attractive to buyers, with the next resistance targets near $8.20 and, if momentum continues, $9.40.
Summary
Technical indicators point to a bullish bias for Chainlink. The pin bar at $7.40 shows rejection of deeper losses, and with staking and network enhancements on the roadmap, continued momentum could lift LINK toward the $8.20–$9.40 range.