• LINK trades at $20.90 after an 8.7% 24-hour gain, extending a 50%+ rally from recent lows.
• Short-term support remains firm at $19.11, with resistance set at $21.39 defining the current range.
• Breakout from a descending trendline and $7+ rise in weeks place LINK near multi-month highs.

Chainlink (LINK) has continued its recent rally, with the token trading at $20.90 today with an increase of 8.7% in the past day. The action accompanies a multi-week rally that has produced gains of above 50 percent over previous lows. The prevailing market statistics also indicate that LINK has been trading at 0.0001781 BTC, an appreciation of 8.0%, and 0.004986 ETH, an increase of 0.9% over the same period. This is an advance as the price nears a major resistance point, yet remains well above its last support zone.

LINK Holds Above Support as Focus Turns to Key Resistance

In the last sessions, LINK has been trading above the average of the last series of 19.11, which is serving as short-term support. This is the level that appeared following the breakdown of a longer-term downtrend line on the token, which resulted in a very strong upward movement. 

Price stability above this zone has been supported by increased activity in the market, helping sustain the current structure.Notably, the breakout was also accompanied by a retest of its previous zone of consolidation, strengthening it as a platform to future upside.

The closest key resistance lies at 21.39, which is acting as the short-term resistance. Price has moved in closer to this level during the past day, with intraday ranges showing a clear push to try it. The current 24-hour range is $19.11-$21.39, which shows concentrated action within these levels. Being positioned towards the top end of this range still places focus on the resistance zone.

LINK Rally Extends Toward Multi-Month Highs After Breakout Momentum

The 50%+ rise from prior lows has been accompanied by a broader recovery in LINK’s daily structure. Charts indicate that the breakout from the descending resistance line triggered a strong acceleration in momentum. 

The measured advance added more than $7 to the price within weeks, pushing it to the current multi-month highs. This move has positioned LINK in close proximity to the $21.39 threshold, while its support level remains clearly established for near-term tracking.