CleanSpark (CLSK) is trading near $14.05, showing a cooling pattern after strong rallies. Despite a 20.3% annual drop, technical indicators suggest a potential bottom is forming. This situation raises expectations for the CLSK price projection for 2026. The Bitcoin mining and AI company faces short-term pressure, but analysts, like those at CryptoQuant, observe signs of selling exhaustion.
The price is up 48.6% year-to-date, but its performance follows a rally-and-correction cycle. Technically, the RSI on the two-day chart shows a hidden bullish divergence, a pattern that historically preceded rallies of 121% and 163%. Furthermore, CLSK’s correlation with Bitcoin is strong; a BTC correction below $100,000 could signal a floor for both. External projections, like Michael Saylor’s, place BTC at $150,000, which would boost CLSK.
Can CleanSpark’s strategy overcome the pressure from convertible notes?
The recent $1.15 billion convertible note offering has exerted selling pressure on CLSK, due to dilution fears. However, CleanSpark has responded with a strategic plan. The company will use $460 million of those funds for a stock buyback at $15.03 per share. The rest will go toward data center expansion, AI infrastructure, and loan repayment, aiming for long-term growth.
The Chaikin Money Flow (CMF) indicator, which measures capital flow, has broken its downtrend but needs to hold above zero. A CMF recovery would confirm that investors are buying the dip. If the CMF and Bitcoin price strengthen, the key level for CLSK to surpass is $22.61. Confirmation of short-term support remains at $13.52.
On the weekly chart, CLSK trades within a flag and pole (bull flag) pattern. As long as the price stays above $9.62, this bullish structure remains valid. A decisive close above $22.61 would complete the pattern, activating the CLSK price projection for 2026 towards the $56.96 target. The outlook for these mining companies depends on the CMF confirming accumulation and Bitcoin maintaining its momentum toward $150,000.
