Chainlink (LINK) is facing some resistance following a short-term rise out of a bearish phase The altcoin is trading just over $13.50 at press time, down 3% in the last 24 hours. The asset had previously surged after US President Donald Trump announced plans for the country’s first crypto reserve. Although LINK was not named, the president noted that it would include “other valuable cryptocurrencies” to purchase to make up the reserve.
Despite appearing to have hit a resistance of $14, Chainlink LINK’s price shows signs of a potential reversal. The coin is forming a hammer candlestick and retesting a rising channel’s lower boundary, forming higher lows. This could be a sign that a reversal is approaching. If bullish momentum picks up, LINK could rise to $24 in the short term, aligning with the daily 1.618 Fibonacci retracement level.
However, if the price falls below $13 and stays there, further losses toward $10 may follow. With LINK incredibly volatile, it’s hard to project which direction the Chainlink token will go. Price predictions are mixed for the coin, due to the market still holding onto bullish hopes riding on the US crypto reserve. Analysts at CoinCodex, however, are on the bearish side. Indeed, the platform suggests that now is the best we’ll be seeing LINK perform for the remainder of March. By March 31, CoinCodex predicts that LINK will be back down to $13.35, around 5% less than its current price.
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Beyond price action, the Chainlink network continues to grow and play a key role in the adoption of Web3 technologies. Recently, it has attracted attention from major institutional investors, including Donald Trump’s World Liberty Financial (WLFI). Last week, the Chainlink network reported 11 new integrations across 4 services and 12 different blockchain ecosystems. This expansion highlights its increasing importance in the decentralized finance space.
From now until May, experts project the crypto market to begin a steady incline. Altcoins like XRP, Chainlink, and more are expected to charge towards new ATHs. This momentum may be fueled by the increased belief that these coins will feature in a potential crypto reserve held by the US Government. These hopes as well as the network’s recent updates paint a promising future for LINK. Therefore, investors are riding on a surge for the altcoin soon.
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