• Chainlink price has slipped past the 15-month resistance level, extending from $7.69 to $7.85. 
• In the last four hours, $3.78 million worth of positions have been liquidated.
• A weekly candlestick close below $7.69 will invalidate the bullish thesis.

Chainlink (LINK) price has caught many investors off guard as it rallied 21% in the 12 hours. This sudden but explosive uptick could be the start of an uptrend as many investors on Twitter are forecasting. As a result, CoinGlass data shows that roughly $3.78 million worth of positions were liquidated in the last 12 hours. Out of these, $3.38 million worth of futures positions belonged to the bears, aka short positions, while only $406,000 worth of long positions were wiped off.

LINK liquidation

Read more: Three altcoins that have kickstarted Q4 rally: LINK, RDNT, FLOKI

Chainlink price catches traders by surprises

Chainlink (LINK) price shows a clear sign of bullish momentum, which has propelled it by 21% in the last 12 hours. This uptrend is likely to collect the buy-side liquidity resting above $9.86 and potentially tag the $10 psychological level.

This move would constitute a 16% gain from $9.09, which is the current position that LINK is trading at. Beyond the said level, Chainlink price will face the $15.57 hurdle. Buyers need to make sure this resistance level is flipped into a support floor before betting on a continued rally. 

A weekly candlestick close above $15.57 hurdle could extend the Chainlink price rally to $29.12. 

Also read: Chainlink whales continue their accumulation spree after LINK’s 40% rally, why?

LINK/USDT 1-day chart

On the contrary, if this weekend rally was a fluke and investors resort to profit-taking, it would trigger a sell-off. In such a case, a weekly candlestick that undoes the recent gains and produces a candlestick close below $7.69 will invalidate the bullish thesis. 

This move would bring Chainlink price back to pavilion and potentially catalyze a steep 9% correction to $7.03.

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