Log in

Market Direction

Bulls flex muscle on LINK

Updated: Jul 25, 2024
Published: Dec 4, 2023
0
Share:

Bulls flex muscle on LINK

Post Feature Image

LINK has broken out of its pennant pattern. If LINK can flip the prior resistance of $15.30 into new support, it can see further upside to $17.75.

The mechanics have reset back to healthier levels, having been overheated this morning.

TLDR

  • LINK breaks out of its pennant pattern, targeting $17.75 if $15.30 can become the new support.
  • Mechanics reset to healthier levels after overheating, signalling a potential rebound.
  • Open Interest hits local highs at $375m, and Funding Rate stabilizes after volatile fluctuations.
  • We maintain a bullish outlook for LINK if BTC remains stable.
Disclaimer: Not financial or investment advice. You are responsible for any capital-related decisions you make, and only you are accountable for the results. “One Glance” by Cryptonary sometimes uses the RR trading tool to help you quickly understand our analysis. They are not signals, and they are not financial advice.
LINK 12hr
aligncenter size-full wp-image-290635

Technical analysis

  • LINK has broken out perfectly from its pennant pattern, finding resistance at $16.40.
  • LINK has found support at the local level of $15.30, which had acted as prior resistance. 
  • As long as BTC doesn’t puke (we don’t expect it to), we see LINK as likely to get further upside in the coming weeks with a potential target of $17.75. 
  • If $14.80 is lost, then this will invalidate the pattern. 

Market mechanics

  • Open Interest has increased to new local highs of $375m. 
  • The OI-Weighted Funding Rate, similar to SOL, has been very volatile. In the early hours of this morning, it spiked up to 0.0511% but has since decreased to 0.0180%. This has reset back to much healthier levels and shaken out some of the late Longs that likely joined the party over the weekend. 
  • The Long/Short ratio at 0.9666 indicates more participants have piled into Shorts than Longs in the past 8 hours. This has perhaps also helped the Funding Rate move meaningfully lower from where it was 8-12 hours ago. 

Cryptonary’s take

LINK has been and looks like it’ll continue to be a strong performer. We like that the price has recently pulled back and retested the $15.30 area as new support, having been a prior local resistance. We see LINK’s next major move being a move higher to $17.75, which is the next major horizontal resistance above price - assuming LINK can surpass the local resistance of $16.40.  



100% Success Money Back Guarantee

If our approach doesn’t outperform the overall crypto market during your subscription, we’ll give you a full refund of your membership. No questions asked. For quarterly and monthly subscribers this is applicable once your subscription runs for 6 consecutive months.

Terms & Conditions apply

Star

Trusted by 300,000+ traders

Take your next step towards crypto success

Save 50%

$799/year

Get everything you need to actively manage your portfolio and stay ahead. Ideal for investors seeking regular guidance and access to tools that help make informed decisions.

VisaCardImageMsCardImageCoinbaseCardImageSolanaCardImage

For your security, all orders are processed on a secured server.

What’s included in Pro:

  • Success Guarantee, if we don’t outperform the market, you get 100% back, no questions asked

  • 24/7 access to experts with 50+ years’ experience

  • All of our top token picks for 2025

  • Our latest memecoins pick with 50X potential

  • On hand technical analysis on any token of your choice

  • Weekly livestreams & ask us anything with the team

  • Daily insights on Macro, Mechanics, and On-chain

  • Curated list of top upcoming airdrops (free money)

Our track record speaks for itself

With over 2.4M tokens and widespread misinformation in crypto, we cut
through the noise and consistently find winning assets.

/images/advertorial/corpcomm3.webp
/images/advertorial/corpcomm4.webp
/images/advertorial/corpcomm5.webp

Frequently Asked Questions

Yes. We've consistently identified winners across multiple cycles. Bitcoin under $1,000, Ethereum under $70, Solana under $10, WIF from $0.003 to $5, PopCat from $0.004 to $2, SPX blasting past $1.70, and our latest pick has already 200X'd since June 2025. Everything is timestamped and public record.

No. When we founded Cryptonary in 2017 the market was new to everyone. We intentionally created content that was easy to understand and actionable. That foundational principle is the crux of Cryptonary. Taking complex ideas and opportunities and presenting them in a way a 10 year old could understand.

Signal vs noise. We filter out 99.9% of garbage projects, provide data backed analysis, and have a proven track record of finding winners. Not to mention since Cryptonary's inception in 2017 we have never taken investment, sponsorship or partnership. Compare this to pretty much everyone else, no track record, and a long list of partnerships that cloud judgements.

We share highly sensitive, time-critical research. Once it's out, it can't be "returned." That's why membership is annual only. Crypto success takes time and commitment. If someone is not willing to invest 12 months into their future, there is no place for them at Cryptonary.

Yes. You will have 24/7 to the team that bought you BTC at $1,000, ETH at $70, and SOL at $10. Through our community chats, live Q&As, and member only channels, you can ask questions and interact directly with the team. Our team has over 50 years of combined experience which you can tap into every single day.

Daily. We provide real-time updates, weekly reports, emergency alerts, and live Q&As when the markets move fast. In crypto, the market moves fast, in Cryptonary, we move faster.

If our approach to the market doesn’t beat the overall crypto market during your subscription, we’ll give you a full refund of your membership fee. No questions asked. For quarterly and monthly subscribers this is applicable once your subscription runs for 6 consecutive months.

Recommended from Cryptonary
BTC, ETH, and More: Double Bottoms and a Critical Bounce
PRO
Market Direction
BTC, ETH, and More: Double Bottoms ...Markets rebound off key lows, BTC and major alts flash double bottom signals. Will support hold for ...
6 min read
Oct 20, 2025
BTC, ETH, and More: Bearish Pressure as Key Support Levels Break
PRO
Market Direction
BTC, ETH, and More: Bearish Pressur...Markets face critical retests with BTC and major alts breaking supports; all eyes on bounce zones an...
7 min read
Oct 17, 2025
BTC, ETH and More: Key Supports Reclaimed, Next Targets in Play
PRO
Market Direction
BTC, ETH and More: Key Supports Rec...Markets are showing signs of recovery after last week’s turbulence. Bitcoin and Ethereum are stabili...
4 min read
Oct 15, 2025