bullish

Chainlink

<ul>
 <li>Chainlink marked a spike by 1.93%, trading at $10.47.</li>
 <li>LINK’s dominance in social media has reached its highest in 2024.</li>
</ul>
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.&nbsp;
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 <a href="https://thenewscrypto.com/can-upcoming-fed-rate-cuts-spark-a-crypto-market-recovery/" target="_blank" rel="noopener noreferrer nofollow">data</a>.&nbsp;
On the other hand, the recent Santiment report <a href="https://x.com/santimentfeed/status/1832829881849377123" target="_blank" rel="noopener noreferrer nofollow">reveals</a>, 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.
<h3 class="wp-block-heading" id="h-can-link-go-further">Can LINK Go Further?</h3>
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.&nbsp;
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.&nbsp;
<div class="wp-block-image">
 <figure class="aligncenter"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXenig9DhmeiYIhXQHVw_ocgtQGs_PAMtTLnzbGvOrwjdhLgId8DzK0-gQvI0jIeX-6LYImj2MiZSG-JXgyXxXgeOI9M74QQ-8hbvTQyG-CP1JAEsyhj_roScfVaVWaAS-KPgh8I5XuH3Yp8Cc8sTM3xLfxP?key=qlWTKsJJcqtBrPDE3rxvZQ" alt="">
 <figcaption class="wp-element-caption">LINK price chart (Source: <a href="https://in.tradingview.com/symbols/LINKUSDT/?exchange=BINANCE" target="_blank" rel="noopener noreferrer nofollow">TradingView</a>)
 </figcaption>
 </figure>
</div>
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.&nbsp;
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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Is Chainlink Price on Track for Steady Gains?

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