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Chainlink (LINK) is currently testing critical support at $17.20 within a long-term falling wedge, signaling a potential bullish reversal backed by strong technical and fundamental factors.
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Key support levels at $16.50 and $15.80 continue to reinforce LINK’s daily uptrend, reflecting sustained momentum amid growing adoption in decentralized finance (DeFi) and real-world asset (RWA) tokenization.
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According to COINOTAG, Chainlink dominates the smart contract data space by securing nearly 90% of on-chain oracle services, underscoring its pivotal role in blockchain infrastructure and long-term network demand.
Chainlink retests $17.20 support within a falling wedge, highlighting bullish momentum and strong adoption in DeFi and oracle services driving future growth.
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Chainlink is currently navigating a crucial juncture as it retests the $17.20 support level, embedded within a five-year falling wedge pattern. This technical formation is widely regarded by analysts as a precursor to trend reversals, especially when confirmed by volume and price action. The presence of additional support zones at $16.50 and $15.80 further fortifies the token’s daily uptrend, providing a robust foundation for potential upward momentum.
Market watchers note that a sustained trade above $17.00 could pave the way for a breakout towards the $26 resistance level, aligning with the bullish thesis. This scenario is bolstered by LINK’s consistent higher lows and increased trading volumes near support, which are classic indicators of strengthening market sentiment. The falling wedge breakout, as highlighted by industry experts, typically signals a shift from bearish consolidation to bullish expansion, making this a critical period for LINK holders and traders alike.
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