LINK surged 45% in the past 30 days, breaking through long-standing resistance and reclaiming $18.89
Its inclusion in the SEC Crypto Task Force, along with earlier partnerships, has driven market demand.
On-chain data provides strong support for LINK around $17.82 and $18.07 and weak resistance near $21.80.
Chainlink’s (LINK) price has smashed through a multi-month resistance today, following reports that the project will contribute to the newly formed SEC Crypto Task Force.
On June 23, Chainlink’s price was on the verge of dropping below $10. But after a 45% increase in the past 30 days, it has reclaimed $18.89, which it last reached on Feb. 17.
Following the development, here is how LINK might perform in the months to come.
Chainlink Leaps 45% — How?
Based on the daily chart, Chainlink’s price closed in on $20 after breaking out of a symmetrical triangle. This was after bulls defended the support at $11.75, and helped to break the 150-day resistance.
Amid this surge, the Awesome Oscillator (AO) reading hit higher readings, indicating rising bullish momentum. Like the AO, the Chaikin Money Flow (CMF) failed to drop below the zero signal line and rose to $0.23.
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The rise in the CMF reading indicates rising buying pressure. If sustained, this could drive LINK’s price toward the resistance at $23.85.
But beyond this technical outlook, several key developments also played a part in the rise in demand for the cryptocurrency. For instance, some weeks back, CCN reported how LINK’s partnership with Mastercard was a bullish sign.
However, the biggest external catalyst came from Chainlink’s announcement, confirming that it will be among the select projects joining the SEC Crypto Task Force.
“For the blockchain industry to reach its full potential and tap institutional capital, meeting regulatory requirements is essential. Only Chainlink provides the compliance, privacy, cross-chain, and data infrastructure needed to scale digital asset adoption in a single platform,” It said about the development.
Support Beats Resistance
On-chain analysis further reinforces the bullish outlook for Chainlink. According to the In/Out of Money Around Price (IOMAP) metric, strong support exists between $17.82 and $18.07 — a zone where approximately 14,600 addresses acquired 42.85 million LINK and are currently sitting on unrealized gains.
In contrast, the volume of LINK at a loss — particularly in the $19.49 to $21.80 range — is notably smaller. This imbalance suggests that most holders are profitable and may be less inclined to sell.
LINK In/Out of Money Around Price | Credit: IntoTheBlock
This favorable setup increases the probability that Chainlink’s price will soon break above the $21.80 resistance.
LINK Price Analysis: New High Coming
Analysis of the 4-hour chart also paints a bullish picture. As shown in the image below, Chainlink’s price has broken above the upper trendline of a falling channel.
A closer look also shows that the Bull Bear Power (BBP) is in the positive region, indicating strong buying pressure around the altcoin.
Bulls could break $20.58 and climb to $27.07 if they continue to pressure the cryptocurrency.
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.
