Amid today\u2019s market correction, Chainlink (LINK) has lost its recent gains, falling back to a crucial support level. An analyst suggests a monthly close above its current range could position the cryptocurrency for a 35% surge.<\/p>\n
Chainlink has retraced 9.1% in the past 24 hours to retest the key $14 support zone again. The cryptocurrency surged 15.7% from last Friday\u2019s lows to hit an 18-day high of $16 on Wednesday, momentarily recovering 35% from this month\u2019s low.<\/p>\n
However, the recent market correction halted the momentum of most cryptocurrencies, with Bitcoin (BTC) falling back to the $83,700 mark and Ethereum (ETH) dipping to the $1,860 support zone.<\/p>\n
Today, LINK dropped from $15 to $14.07, losing all its Wednesday gains. Previously, analyst Ali Martinez noted<\/a> that the cryptocurrency has been in an ascending parallel channel since July 2023.<\/p>\n Chainlink has hovered\u00a0between the pattern\u2019s upper and lower boundary for the last year and a half, surging to the channel\u2019s upper trendline every time it retested the lower zone before dropping back.<\/p>\n Amid its recent price performance, the cryptocurrency is retesting the channel\u2019s lower boundary, suggesting a bounce to the upper range could come if it holds its current price levels.<\/p>\n Meanwhile, Rekt Capital highlighted<\/a> that the token is testing its multi-month symmetrical triangle pattern, which could determine the cryptocurrency\u2019s next move.<\/p>\n As the analyst explained, Chainlink consolidated inside a \u201cMacro Triangular market structure\u201d for most of 2024 before breaking out of the pattern during the November market rally.<\/p>\n During the Q4 2024 breakout, the cryptocurrency hit a two-year high of $30.9 but failed to hold this level in the following weeks. As a result, it has been in a downtrend for the past three months, with LINK\u2019s price falling back into the Macro Triangle.<\/p>\n \u201cThe main goal for LINK here is to retest the top of the pattern to secure a successful post-breakout retest,\u201d Rekt Capital detailed, adding, \u201cIt\u2019s possible this is a volatile post-breakout retest.\u201d<\/p>\nLINK Needs To Hold This Level<\/h2>\n