Chainlink is moving inside the upward channel for the seventh consecutive week. The LNKUSD rebounded from 4.70 to above 7.00 during this time. The altcoin went into correction losing 12% and is now being traded below the resistance at 7.75.

If the altcoin resumes the rally and would pass the resistance correction will be over. This will be the moment to look for opening long trades at 7.6830-7.8355 targeting 8.8910, which is the resistance of the channel. I would recommend placing a stop-loss order at 7.2675, which would be the last low now.