Chainlink (LINK) is experiencing a correction phase today after a significant rally over the past month. The token, which saw a 117% increase in value, is now retesting key support levels following its recent breakout. This correction is seen as a healthy sign, allowing LINK to confirm its breakout before potentially moving higher. The price movement was initially fueled by accumulation news linked to Donald Trump’s World Liberty Financial, which spurred investor interest. Currently, LINK is testing its support zone near $28.60, a critical level for determining its next move.
The broader cryptocurrency market is also undergoing a cooling phase, impacting LINK's price. The Relative Strength Index (RSI) indicates slightly overbought conditions, suggesting that a strong bounce from the current support level is crucial for any continuation of the upward trend. Market sentiment and Bitcoin dominance will play significant roles in determining whether LINK can reverse from this support and aim for its next major resistance at $38.30.
Chainlink's price has decreased by 2.22% today, with the current price at $28.585197. The token reached a high of $29.555170 earlier in the day.