Chainlink LINK Bulls Target Extended Rally After Key Breakout

Chainlink’s native token LINK has decisively broken out of a two-month trading range, reclaiming the $18 level as support and establishing a bullish technical structure. The MOVE comes amid strengthening on-chain metrics, with Glassnode’s MVRV Z-Score signaling a potential market bottom when it entered the green zone on April 8th.

Market value to realized value (MVRV) data suggests LINK was trading below its fair value in recent weeks, creating ideal accumulation conditions. The metric’s historical accuracy in identifying bottoms adds credence to the current bullish thesis. Steady demand and the breakout above range highs point to growing investor confidence.

Traders are now watching whether LINK can convert the $18 level into a springboard for further gains. The cryptocurrency’s ability to maintain its position above former resistance—now turned support—will be critical for sustaining the upward momentum.