Chainlink's LINK token saw a nice 5.41% price increase over the last hour to reach $7.91 at the time of writing. Looking at key metrics, LINK has a market cap of $3.99 billion and 24 hour trading volume of $237.56 million. Over the past day, LINK has gained 2.56%, while it is up 12.69% and 24.00% for the week and month respectively. Zooming out further, LINK has increased 13.72% during the last 6 months.

Analyzing the metrics, LINK’s 5.41% short-term jump stands out as an encouraging sign amid an already bullish backdrop the past week and month. The price increase comes after LINK consolidated between $7.50-$8.00, where it established solid support.

Looking ahead, the technical outlook remains positive for further upside. LINK remains in a clear uptrend, printing higher highs and higher lows over the past 6 months. On-chain data also shows growing network activity and developer interest. The recent bullish momentum may propel LINK to test $9.00 and $10.00 resistance levels.

In summary, the data presents a bullish picture for LINK in both the short and long term. Traders may look to buy on dips and weakness, with an eye on the key overhead resistance zones. However, some minor pullbacks are to be expected along the way.

Should You Buy LINK Now or Wait for a Dip?

With LINK up today and showing bullish technicals, some traders may be wondering if now is the optimal time to buy or if waiting for a pullback is better. While LINK could see some profit taking from short-term traders, trying to time the exact bottom is challenging.

For long-term investors, dollar cost averaging over time allows benefiting from dips when they do happen. For short-term traders, buying retracements with a disciplined stop-loss lets you capitalize on upside momentum while controlling risk. Considering the bullish backdrop, buying LINK on weakness seems prudent.

Is LINK a Good Long-Term Investment?

LINK appears positioned as a strong long-term investment at current prices. As the leading decentralized oracle network, Chainlink helps blockchains connect to real-world data and events. This bridges the gap between smart contracts and off-chain systems, expanding DeFi potential.

Network effects and integrations make LINK an essential part of the expanding Web3 ecosystem. While risks remain, LINK has proven resilient and established itself as a leading altcoin. For crypto investors with a long-term horizon, LINK deserves a spot in a diversified portfolio.