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Chainlink (LINK), the decentralized oracle platform, is showing the potential to post a major comeback in price. In its ongoing rebound move, LINK has grown by over 8% in the last 24 hours, and the coin looks set to ride the support of investors.
Chainlink price rebounds from short sell-off
Per CoinMarketCap data, investors’ interest has rekindled, pushing trading volume up by a significant 28.54% to $348.86 million.
This renewed interest from LINK holders indicates that LINK could witness a crypto market breakout. Before this development, the asset had slipped to $13.30, with many worried that the $13 support level may not hold.
However, some analysts believe LINK was consolidating during this period and building momentum. In the last 24 hours, the coin has shown potential to climb to the $20 zone if it sustains the current trajectory.
LINK must overcome critical resistance levels to hit its target. Notably, LINK has previously faced rejection at the $15 resistance level, which remains a major hurdle for the asset.
Its ability to rise above this level and sustain the bullish momentum, backed by rising trading volume, could support its journey to $20.
Potential top 10 breakthrough if LINK hits $24
As of press time, the LINK price was changing hands at $14.89. In earlier trading, the coin reached a high of $14.94, only to face rejection as it aimed to flip the resistance.
If LINK succeeds in surging from the current level to $20 and climbs to the $24 range, it could join the list of the top 10 crypto assets by market capitalization. Currently, its market cap stands at $9.78 billion, but such growth will nudge it to $24 billion.
That will push it past Sui and Tron, whose current market caps are $12.88 billion and $23.78 billion, respectively.
LINK whales and other investors must join the trend with active trading and accumulation to achieve this.
Vladislav Sopov