The Relative Strength Index (RSI) reflects rising momentum among market participants.
Positioned around 64.85 and inching closer to the overbought region, the RSI shows no signs of exhaustion, suggesting bulls remain in control.
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The Bull Bear Power (BBP) indicator further reinforces this positive outlook. At the time of writing, LINK displays strong green histogram bars, with the BBP reading at 2.33, evidence that buying pressure outweighs selling momentum.
If LINK maintains its current trajectory, it could retest the $23.44 resistance zone.
A decisive breakout above this range, especially with strong volume support, could lead to the psychological target of $30.
Besides that, on-chain data from Glassnode shows that key stakeholders continue accumulating Chainlink.
Specifically, the number of addresses holding at least 10,000 LINK has increased notably.
On October 8, there were 2,988 such addresses. As of this writing, that figure has risen to 3,049.
This steady accumulation by large holders signals growing confidence in LINK’s medium-term outlook.
Historically, such accumulation phases have preceded price recoveries or sustained uptrends. If the trend continues, Chainlink’s price could experience stronger price support and potential upside pressure.
On the daily chart, Chainlink’s price is yet to break above the upper trendline of a symmetrical triangle. However, it is moving closer to it.
The Chaikin Money Flow (CMF) shows sustained capital inflow, signaling that buyers are steadily reclaiming dominance.
Sitting at 0.02 and trending higher, the CMF highlights growing confidence and consistent buying activity.
At its current price of around $18.97, LINK’s continued momentum could push it toward the next resistance level, $21.05.
Fibonacci retracement levels provide a more precise view of LINK’s short-term potential. The token trades near the 0.50 Fib level, gradually advancing toward the 0.618 Fib level at $21.05.
A clean breakout above this zone could ignite a rally toward the 0.786 Fib level at $24.03, reinforcing a broader bullish continuation.
If achieved, the next target for Chainlink could be close to $30.
However, if LINK’s price loses traction and drops below the 0.382 Fib level, it may retreat to the 0.236 Fib level, which aligns with key support around $14.28.
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.
