|
Getting your Trinity Audio player ready...
|
- LINK holds strong support at $17.20, avoiding major decline.
- Resistance at $18.95 could trigger a move toward $21.
- Falling exchange reserves signal accumulation and bullish momentum.
Amid a broadly struggling crypto market, Chainlink (LINK) has shown surprising resilience. Over the past 24 hours, LINK has climbed 2.43%, maintaining its position above the $15 mark—a crucial support zone for bulls. The altcoin currently trades within an ascending triangle on the 4-hour chart, a bullish formation that often signals a potential upward breakout. Support near $17.20 has proven strong, absorbing selling pressure and giving buyers confidence to hold positions.
Resistance Levels Define the Next Move
While LINK has bounced from support, the key challenge remains breaking above $18.95. A sustained move past this resistance could confirm a bullish continuation and open the path toward $21.00. Technical indicators, including the MACD hovering near zero and the 12- and 26-period EMAs closely aligned, suggest neutral momentum. Historically, such consolidation around the zero line often precedes strong directional moves, hinting that a breakout could be imminent.
On-Chain and Analyst Insights Support Optimism
On-chain data reinforces the bullish outlook. Chainlink’s exchange reserves have dropped to their lowest levels since June 2022, implying fewer tokens are being sold on exchanges. This trend supports ongoing accumulation, often a precursor to price appreciation. Analysts on X (formerly Twitter) echo this optimism. Pascal Trades projects a long-term target above $52 before a market top, while short-term observers like CRTYPOWZRD suggest that one more bullish daily candle could push LINK toward $20. The Awesome Oscillator has also signaled rising buying strength with consistent green bars, reinforcing the likelihood of upward momentum.
$LINK
— Pascal (@PascalTrades) October 29, 2025
To start a cyclical wave III in $LINK, we first need to break above $52 with the primary wave 5. After that, the assumption is that we will top out in the $75–80 range. pic.twitter.com/ChmxNtLXjW
Looking Ahead
Overall, Chainlink’s technical and on-chain indicators point to a promising setup. While short-term risks exist, including a potential pullback to $14.92 if support fails, the altcoin’s combination of strong support, decreasing exchange reserves, and bullish chart patterns suggests that LINK could soon challenge $21 and beyond. Investors and traders should watch the $18.95–$19.40 zone closely as the next decisive battleground for bulls.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
Also Read: Balcony Partners With Chainlink To Power $240B+ in Onchain Property Assets
I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.
