Although the crypto market has generally seen an upswing recently, Chainlink (LINK) isn’t faring as well, facing substantial bearish pressure and posting losses over various time frames. Since reaching a local high of $29.28 last December, the altcoin has been on a downward trajectory, shedding more than 56% from its peak. Despite these struggles, leading crypto expert Ali Martinez suggests that LINK might be on the cusp of a short-term price recovery.
## LINK’s Potential Recovery Hinges on Key Trendline Support
Ali Martinez recently discussed on X, sharing a technical analysis that suggests LINK could be poised for an upward move. His forecast hinges on an important ascending trendline that has served as a support since mid-2023, consistently contributing to the formation of higher lows and highs.
According to Martinez’s trading chart, Chainlink is approaching a critical point where it will retest this trendline, which aligns with the 0.5 Fibonacci retracement level around $12.00. Should the LINK bulls muster enough momentum at this level, a price rebound might trigger a bullish reversal. Drawing from past price trends, such a rally could push Chainlink to approximately $19, marking the next resistance level. With substantial buying pressure, LINK could even surge to $30, which would mean a remarkable 147% increase from current market levels. Conversely, if LINK fails to hold above $12.00, the price might initially drop to around $10.00 and potentially even dip to $5.00.
## PayPal Integrates Chainlink into Its Ecosystem
In other developments, the notable American payment giant, PayPal Holdings, has announced it is incorporating Chainlink into its cryptocurrency offerings. As per an April 4 statement, PayPal users can now purchase, hold, send, and receive both Chainlink and Solana (SOL) through their PayPal and Venmo wallets.
This move represents a significant stride in integrating LINK into mainstream platforms, which is vital for boosting future demand for the token. Alongside LINK and SOL, PayPal users also have access to Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH).
Currently, LINK is trading at $12.91, reflecting a slight 0.62% decrease over the last 24 hours. Over more extensive time frames, it remains bearish, showing losses of 5.03% over the past week and 21.81% over the last month.
Data from Coincodex reveals that investor sentiment in the LINK market is predominantly bearish, with a Fear & Greed Index reading of 26, indicating an atmosphere of near-extreme fear. However, experts at Coincodex, echoing Martinez’s optimism, predict a price recovery with a target of $15.32 in the next five days and $17.46 in a month.
