LINK Price Analysis: LINK Skyrockets as Sellers Retreat, Eyes $15!

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As Bitcoin touches the $35K mark, the overall market recovery enters a speed wagon to boost the recovery rally. Ranking highest among the top altcoins, Chainlink’s LINK token price jumps by almost 60% to rise above the $11 mark. 

With the market sprinting towards the bullish zone, the LINK price prediction suggests a prolonged recovery leading to a long-term trend reversal. 

Following the massive breakout rally over the weekends, the LINK price exceeds the $10 mark and the long-coming resistance trendline. Moreover, with the Bitcoin spot ETF decision looming, the overall market recovery fuels the rally. 

Making consecutive bullish candles except a bearish indecisive candle, the LINK price is up by a 60% jump and shows no weakness in trend momentum. Currently, the LINK price exchanges hands at $11.528 with an intraday growth of 11.19%, forming a new bullish engulfing candle. 

In the weekly chart, the breakout rally sustains above the 200-day EMA and showcases a massive breakout rally. Therefore, the increased trend momentum and the rising demand for LINK token is evidently clear in the market. 

Technical indicators:

EMA: Regaining the positive alignment, the 50-day and 200-day EMA are rising higher. Moreover, the golden crossover possibility increases in the weekly chart. 

RSI indicator: The daily RSI line sustains in the overbought zone, reflecting a strong underlying bullish pressure. 

Will LINK Price Exceed $12?

With the buyers flooding the market, the altcoins are set to gain more momentum and recovery rally to reclaim more resistance. In addition to this possibility, the LINK price action displays a long-term channel breakout teasing a solid trend reversal. Therefore, the uptrend may soon exceed the $12 mark to reach the $15 ceiling. 

However, a retest of the trendline breakout is possible.