After losing a key support level earlier this week, Chainlink (LINK) has surged 24% from the recent lows to lead Friday\u2019s crypto market. Some analysts suggested that a rebound could be around the corner as whales continue to bet on the cryptocurrency.<\/p>\n
On Friday, Chainlink surged over 10% to turn the $14 resistance into support again. The cryptocurrency lost this crucial level on Monday following the recent crypto market crash, which saw Bitcoin (BTC) fall to its lowest<\/a> price in months.<\/p>\n During the correction, LINK dropped to a four-month low at $11.71, retesting its post-election breakout levels for the first time since late November. Over the past three days, the token hovered between the $12.5-$13.5 price zone, failing to break above the range\u2019s upper boundary and retest the $14 mark until today.<\/p>\n It\u2019s worth noting that this level has been a critical support during LINK\u2019s past rallies, serving as a key breakout<\/a> and bounce point in the previous cycle, Q1 2024\u2019s high, and the post-US election pump. Moreover, whenever this level has been lost, it has led to long accumulation periods for the cryptocurrency.<\/p>\n After today\u2019s surge, LINK has reached a high of $14.71 before retracing to the $14.4-$14.5 price range over the past few hours. Crypto analyst Ali Martinez noted that holding its current level \u201ccould set the stage for a rebound to $24.\u201d<\/p>\n As Martinez has pointed out, Chainlink has been in an ascending parallel channel since July 2023, moving<\/a> between the pattern\u2019s upper and lower boundary over the last year and a half. \u00a0LINK surged to the channel\u2019s upper trendline every time it retested the lower zone before dropping back, repeating the cycle.<\/p>\n Based on this, the recent recovery of the parallel channel\u2019s lower range could send the cryptocurrency to the mid-zone of the pattern before a climb to the upper boundary. \u00a0\u201cA Spike in buying pressure at the current levels can help Chainlink rebound<\/a> to the upper boundary at $45,\u201d the analyst explained.<\/p>\n Notably, whales<\/a> had bought over 3 million LINK in five days, Martinez pointed out on Tuesday, and online reports revealed that an address has continued to purchase Chainlink during the rest of the week.<\/p>\n Lookonchain recently reported<\/a> that a large-scale address has \u201cspent 12.1 million USDC to buy 863,174 LINK at $14,\u201d holding a total of 1.07 million tokens, valued at $15.53 million. Additionally, the address has a long position on LINK, worth $31 million.<\/p>\nIs LINK Poised For A Reversal?<\/h2>\n