Key Points
- Chainlink’s native token LINK has risen nearly 3% and is targeting the $25 level.
- The market is staging a recovery after a bearish start to the week.
LINK Recovers After Monday’s Drop
LINK, the native coin of the Chainlink blockchain, lost roughly 8% of its value on Monday as the market opened the new week on a bearish note. A brief flash low pushed LINK down to $20.30, but the token has since made a modest recovery.
At the time of writing, LINK is trading at $21.835 per coin and could see further upside in the short term as the broader crypto market continues to bounce back. Bitcoin reclaimed the $113 level earlier today, and other major tokens such as Ether, XRP, SOL, BNB, and DOGE have all shown strength over the past several hours.
Chainlink remains one of the most widely used blockchains both inside and outside the crypto sector. As adoption expands, LINK’s value could rise significantly over the medium to long term.
With $20 Support Intact, LINK Eyes $25
The LINK/USD 4-hour chart shows a bearish bias, and the token has shed about 8% over the past seven days. Momentum indicators remain tilted toward the downside, although there are early signs of a short-term rebound.
The MACD line slipped into bearish territory over the weekend, and the RSI at 36 also confirms a short-term bearish bias.
If the bearish trend persists, LINK could retest the $20.30 low within the coming hours. Failure to hold that level could push LINK below $20 for the first time since August 9.
Conversely, if the market recovery picks up momentum, LINK may rebound sharply and reach the near-term resistance at $23.89. Should bullish sentiment endure, the coin could revisit $25 for the second time this month.