LINK trades in an ascending triangle with bullish momentum rising | Credit: Hameem Sarwar
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Key Takeaways
Chainlink’s price resists a drop below $15 and shows relative strength.
The token trades within an ascending triangle, with support at $17.20.
Exchange reserves have hit a June 2022 low, signaling reduced selling pressure.
While much of the crypto market struggles to find its footing, Chainlink (LINK) stands tall.
As of this writing, the token has increased by a modest 2.43% over the last 24 hours.
Due to that, it has managed to resist a drop below $15, a level that has become a key line in the sand for bulls.
Chainlink’s price has yet to trade much higher. However, the altcoin’s setup shows it could be gearing up for a fresh breakout.
Chainlink Rebounds From Support
On the 4-hour chart, Chainlink’s price trades within an ascending triangle. This bullish continuation pattern signals the potential for an upward breakout.
Furthermore, the structure shows strong support near $17.20, where buyers continue to defend lower levels and absorb selling pressure.
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However, the key resistance sits around $18.95, which LINK must break to invalidate any lingering bearish bias. If sustained, this might confirm bullish continuation.
A successful breakout above this level could open the door for a move toward the $21.00 zone.
Amid this setup, the Moving Average Convergence Divergence (MACD) hovers around the zero line, signaling neutral momentum.
This suggests that neither buyers nor sellers currently have a clear advantage, as market forces appear evenly balanced.
Additionally, the 12-period EMA (blue) and 26-period EMA (orange) are locked closely together.
Typically, when these lines tighten around the zero axis, it hints that a strong directional move could soon follow — with the break above $18.95 serving as a potential bullish trigger.
Long-Term Outlook Bullish
On X (formerly Twitter), several crypto analysts have expressed optimism that Chainlink’s price is poised for a major breakout.
Among them, Pascal Trades, a trader known for his long-term market perspective, noted that LINK’s price would need to break above $52 before discussing a potential market top.
“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 to $80 range,” He stated.
Meanwhile, in the short term, CRTYPOWZRD observed that one more bullish candle could be enough for Chainlink’s price to reclaim $20.
“One more bullish Daily candle will help it recover quickly towards the $20.00 resistance. I will be paying more attention to its intraday chart development tomorrow to get a clearer lead,” The analyst wrote.
In the meantime, Chainlink’s exchange reserve has fallen to its lowest level since June 2022, according to CryptoQuant.
This decline indicates that fewer LINK tokens are being held on exchanges, suggesting that investors are opting against selling.
Historically, such a drop in exchange reserves can act as a bullish indicator for price stability or future appreciation. If this trend continues, it could support the ongoing accumulation narrative and strengthen a LINK price breakout.
LINK Price Analysis: No Major Decline
On the daily chart, Chainlink’s price remains confined within a symmetrical triangle.
However, the altcoin has bounced off the lower trendline and is approaching the upper resistance zone, suggesting bullish momentum is building.
At the same time, the Awesome Oscillator (AO) has flashed consistent green histogram bars, indicating increasing buying strength.
If this momentum continues, LINK’s price could break through resistance at $19.40, paving the way for a rally toward $21.41, and eventually $24.26 if the breakout sustains.
However, if LINK fails to maintain support at $17.20, it could trigger a short-term pullback toward $14.92, where buyers may attempt to reestablish control.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Victor Olanrewaju is a crypto analyst and reporter at CCN with deep roots in on-chain research and technical analysis. His crypto journey began in 2017, but it was the 2020 Uniswap airdrop that sparked a full-time pivot into the space.
With a foundation in copywriting, Victor honed his craft creating high-converting content for leading crypto brokers — most notably an XRP price prediction that ranked #1 on Google during the 2021 bull run.
He later joined AMBCrypto in 2022, where he combined storytelling with technical and on-chain analysis to cover key market narratives.
In 2024, he expanded his expertise at BeInCrypto, collaborating with analysts and using tools like Glassnode, Santiment, and IntoTheBlock to break down Bitcoin and altcoin trends.
At CCN, Victor covers the top cryptocurrencies, memecoins, macro shifts, blending real-time insights with deep-dive metrics.
He holds a Bachelor’s degree in Physics from the University of Ibadan, equipping him to simplify complex data for a wide audience. Follow his work or connect on LinkedIn or X.
