Is Chainlink Price on Track for Steady Gains?

• Chainlink marked a spike by 1.93%, trading at $10.47.
• LINK’s dominance in social media has reached its highest in 2024.

The overall crypto market has fluctuated throughout the past few weeks. Amid the dips in market cap and trading volume, Chainlink (LINK) has recently broken through critical resistance at $10.35, while many cryptocurrencies extended their losses. This resurgence comes with moderate gains of 1.93% over the past 24 hours. 

Notably, in the early hours, LINK traded at a low of $10.14. Despite struggling, the altcoin displayed a brief upside rally for the day and climbed to $10.80. At press time, Chainlink trades at $10.47, with its trading volume increased by 39.15%, according to CMC data. 

On the other hand, the recent Santiment report reveals, LINK’s dominance in social media has reached its highest in 2024. However, the number of total holders declined. Despite LINK’s yesterday’s price at $10.22—an 18% drop is noted from its August 18 local peak. Analysts predict this could signal a potential rebound shortly.

Can LINK Go Further?

LINK’s monthly price chart reveals a drop of 1.38%, which noted the altcoin’s low of $10.01. On the other hand, the plunge of the asset continued over the past week with a decline of 2.14%. The asset’s price traded in red, marking the start of the previous week at $10.74 and eventually falling to $9.36. 

The positive breakout of Chainlink at $10.74 could pave the way to test its initial resistance at $11.08. Conversely, if LINK fails to meet the key resistance, the asset may likely step into the consolidation phase, which could drive the price to $9.96. 

LINK price chart (Source: TradingView)

While zooming in at the technical chart, the daily relative strength index (RSI) is positioned at 58.81, in the neutral zone. On the other hand, the asset’s daily frame indicates a brief bullish rally as the short-term 9-day and long-term 21-day moving averages are noted below the current price momentum at $10.36 and $10.09, respectively. 

Disclaimer: The opinion expressed in this chart is solely the author’s. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.

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