There seems to be a recent rally in Ethereum (ETH) and DeFi tokens. However, according to analysts, a cryptocurrency among them is giving serious signals of strength: Chainlink (LINK). In fact, many Defi tokens, especially yearn.finance (YFI), have performed well in recent days and have raised their prices to significant levels. TFI, for example, rose from $ 7,500 to $ 18,000.
LINK is currently hovering above the crucial resistance levels, which signals higher levels according to analysts.
Chainlink Price
According to the statements, if the aforementioned resistance levels are converted to support levels, this could bring the cryptocurrency back to its all-time high of $ 20.00.
Major analysts of the market now state that it is important for LINK to go above $ 13. In order for this to happen, Chainlink must remain strong in all short-term movements, and this power is thought to be in LINK.
However, Ethereum and DeFi sectors will also need to remain strong for Chainlink to see a continuous rise . Because any weakness in these assets could create a wind that pulls LINK further down.
In addition, LINK had dropped to levels like $ 9.70 earlier this week. The range of $ 12.40 and $ 12.70, which is the level it is currently traded at, indicates a good recovery. However, at this point, it is also important to note that the 6th largest cryptocurrency in terms of market volume has withdrawn to $ 11.50 with a selling pressure.
On the other hand, although $ 12 is now turning into a support point, it was previously trading as a very important resistance level. The next major resistance to break is $ 13, according to analysts. It is thought that a break above $ 13 could push LINK to new record highs
