Chainlink Price Analysis of March 3, 2025: LINK Surges from $14.40 to $17.50: Is this the Beginning of an Uptrend?

Let’s dive into the price analysis of Chainlink as it surged from $14.40 to $17.50 and explore support, resistance, and future price scenarios.
If you are curious about what happened yesterday as the price of Chainlink exploded in a downward channel to the upside, then this analysis is for you. As we go through the analysis, we will determine the possible resistance and support levels and what the possible scenario will be in the upcoming sessions. Whether this spike is a reversal or if any further selling pressure is left, we will also assess whether investment in Chainlink is good or not in the current scenario. Without any further delay, let’s take a look at the Chainlink price analysis.

Chainlink Price Analysis from 2nd to 3rd March

At 07:35 UTC, the price broke out to the downside of an upward-moving channel and formed a range. At 08:10 UTC, RSI dropped below the level of 30. The range broke out to the upside at 09:30 UTC, forming another range. This other range broke out to the downside at 11:00 UTC, forming a spike and channel pattern. At 13:15 UTC, RSI dropped below the level of 30, suggesting a reversal or at least a correction. The channel broke out to the upside at 15:20 UTC, further confirmed by the golden crossover of MACD at the same time.

Chart 1: Analysed by vallijat007, published on TradingView, March 3, 2025

At 15:25 UTC, RSI moved to the overbought area, that is, above the level of 70. The breakout formed a spike, and instead of a channel, it formed a converging triangle. The converging triangle again broke out to the upside at 16:25 UTC, suggesting that the buying pressure was high. At 17:15 UTC, a small range appeared in the price, which broke out to the upside. At 17:45 UTC, a death cross appeared in MACD, suggesting a pullback or a reversal in the price. Furthermore, the price was not able to break the high of the day at $17.55 and faced resistance multiple times at that level.

Potential Breakout and Support Levels

At 02:25 UTC on 3rd March, the price posted RSI below the level of 30, indicating an oversold area, suggesting a reversal or pullback. The price broke out of the channel to the upside at 02:30 UTC and formed a range.

• If the range breaks out to the upside, the price may reach the level of $17.55. 
• If the price breaks the level of $17.55, then the uptrend may continue.
• If it fails to break the high of yesterday, the price may decline to the level of yesterday’s low, which is $14.40.

Concluding Words

As analyzed above, it is clear that the sudden rise in the price of Chainlink, or we can say as Chainlink exploded, investors and traders are looking to buy it, making investment in Chainlink attractive. But before taking any steps, please remember that the longer time frame is still in a downtrend. Conservative traders should wait and see if the buying continues, indicating that the trend has reversed to the upside. Before that, waiting for the right opportunity is recommended.