Chainlink (LINK) Price: Climbs to $12.82 as Support Holds at $8.04

TLDR

• LINK is trading at $12.82, up 8% in the past 24 hours and 12.92% over the past week.
• Key support sits at $8.04, while resistance runs from $13.90 to $20.60.
• Analyst More Crypto Online outlined two wave-count scenarios, both leaving room for more upside.
• Chainlink’s official reserve has passed $70 million after a fresh $1.1 million LINK purchase.
• No tokens have been sold from the reserve since August last year, according to WallStreetX.

Chainlink’s LINK token is trading at $12.82 today. The price has climbed 8% over the past 24 hours.

LINK has also gained 12.92% over the last seven days. The move comes as the wider crypto market shows renewed strength.

Analyst More Crypto Online pointed to $8.04 as a key support level for LINK. The analyst said in a post on X that further upside remains possible as long as price holds above that mark.

More Crypto Online outlined two possible wave patterns for the current rally. In the white scenario, the move is seen as an extension of wave 1.

In the blue scenario, the same move is treated as wave A. Both scenarios leave room for more upside before the rally is considered finished.

This makes $8.04 an important level for traders to watch. Holding above it keeps the recovery structure intact.

Resistance Zone Ahead

The next challenge for LINK price sits between $13.90 and $20.60. More Crypto Online identified this range as the main resistance zone.

LINK is currently close to the lower edge of that range. A move above $13.90 would push the token into an area of stronger resistance.

Chainlink Price on CoinGecko

A breakout above the zone would add weight to the recovery. A failure to hold inside the range could lead to a pullback toward lower levels.

Traders now have clear reference points. $8.04 marks the downside level, while $13.90 to $20.60 marks the upside target.

Chainlink Reserve Growth

Chainlink’s official reserve has passed $70 million in value. The growth follows a fresh $1.1 million LINK purchase.

WallStreetX shared the update in a post on X. The account said the reserve is now valued at $70.5 million.

WallStreetX also noted that no tokens have been sold from the reserve since August last year. The reserve has kept growing through changes in the market.

Continued buying adds context to the current LINK price move. Reserve growth alone does not guarantee a higher price.

The token still needs to hold support and clear resistance for the trend to continue. Both levels will decide the next move.

LINK is trading at $12.82 with strong weekly gains. The reaction near $13.90 will show whether the rally can extend further or whether the token enters a period of consolidation.

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