Chainlink’s LINK token has surged above the $10 level, with market analysts declaring that its prolonged bear market has ended. The move comes amid broader crypto strength, as Bitcoin climbed from $64,000 to $71,500 and Ethereum jumped from $1,900 to $2,200 over 24 hours, triggering a ripple effect across altcoins.
On Wednesday, LINK reached $10.558, gaining more than 8% in 24 hours, while weekly gains stood above 19%. Analyst Michael van de Poppe described the breakout as a bullish structural shift, pointing to a sweep of earlier lows and bullish divergences. He noted that LINK swept the $10.03 lower-timeframe level and may offer a long entry below $9.20 if price revisits that area, though he stressed that a dip is not required for the broader setup to continue.
Technical indicators support the stronger price structure. The 50-day moving average near $9.32 has moved above the 200-day average near $8.60, and LINK is trading above both averages. Volume expanded sharply during the latest advance, reinforcing the breakout from a prior consolidation range between $8 and $10.80.
Van de Poppe outlined next targets at $11, $11.50, $13.50 and $17. Immediate resistance sits in the $10.80 to $10.90 zone, and a rejection there could trigger profit-taking. Dynamic support levels are seen near $9.32 and $8.60.
Whale data cited by market observers indicates steady accumulation rather than massive buyouts, with buying pressure sufficient to push LINK higher. Additionally, LINK broke its key diagonal resistance and reclaimed its daily cloud, flipping its bias bullish for the first time since October, according to chart analysts.
