Chainlink (LINK) price continues to show strength, consolidating above the $23 mark amidst choppy market conditions. Recent on-chain data indicates a steady decline in exchange reserves, suggesting accumulation by larger players—a positive sign for long-term momentum. Despite this accumulation, the price is facing rejection near the $24–$25 zone, forming a supply wall that needs to be breached for a sustained rally.
The current market range is a battleground between accumulation-driven demand and profit-taking at resistance. A breakout above $25, supported by significant volume, could pave the way for a quick push towards $28 and eventually $30. On the flip side, losing support at $22 could trigger a deeper pullback towards $20 before bulls regain control.
The key question now is whether bulls can turn $25 into a strong support or if profit-taking will lead to a retest of $22 before the next major move. The weekly price chart of Chainlink paints a bullish picture, with the token facing resistance at a crucial level. After breaking out from a double-bottom pattern, the bulls have struggled to push prices above the $25.33 to $26.54 zone. However, the rally has successfully cleared the pattern’s neckline, keeping the bullish sentiment intact. The Chaikin Money Flow (CMF) indicator is on the rise, indicating a steady influx of liquidity despite minor pullbacks.
In the coming days, Chainlink (LINK) price is expected to consolidate further before a breakout occurs. With volume contracting significantly, any shift in market sentiment could trigger a strong upward movement. The bulls are currently waiting for the right moment, and a move above the resistance zone could set the stage for a run towards $30. These levels act as crucial thresholds, with a sustained rally potentially pushing the LINK price towards the expanding rising channel’s resistance near $45, provided the token secures $38.
In conclusion, Chainlink (LINK) price is poised for a potential breakout, with $30 as the next target if the resistance is breached. Stay tuned for breaking news, expert analysis, and real-time updates on the latest trends in Bitcoin, altcoins, DeFi, NFTs, and more to stay ahead in the crypto world.