Chainlink (LINK) is approaching a key level on the daily timeframe.

The price is still adhering to the long-term downtrend line, while also holding above the key support level of around $7.00.

A confirmed break above the trendline, followed by acceptance above the resistance of $8.90, could shift the market structure in favor of buyers, opening the door to a move towards the $14.20-$14.35 area, bringing in almost 60% upside.

On the other hand, a loss of the $7.00 support level would invalidate the bullish scenario and increase the likelihood of a decline towards the $4.80 demand area.

As always, confirmation is more important than prediction. I will be monitoring the price reaction at these key levels before considering any of the scenarios.

This is my view, do more research before entering your own trade.