Chainlink (LINK) Accumulation Signals Potential Bullish Reversal; Break Above $12.80 Could Target $31

Chainlink (LINK) is holding steady NEAR multi-year support levels as whale accumulation and technical indicators suggest a potential bullish reversal. The token is currently trading at $12.60, down 1.21% on the day, with trading volume plunging 46% to $320.2 million. While the weekly chart shows a 4.38% decline, long-term bullish signals are emerging.

Analysts have identified a critical accumulation zone between $7 and $10, with the price currently hovering above the 0.618 Fibonacci retracement level at $9.88. A decisive break above the $12.80 resistance level could trigger a significant rally toward the $25-$31 resistance zone, potentially completing a high-timeframe reversal pattern that dates back to the 2021 peak.

Market participants are awaiting clearer directional signals as weak volume and indecisive price action persist. However, the emerging pattern of higher lows suggests underlying strength is building, which could set the stage for a major trend reversal in the coming weeks.