- Chainlink price confirmed breakout, aligning with broader crypto market recovery.
- The accumulation zone near $6.30 offers strong support levels.
- Technical indicators confirm sustained bullish momentum in LINK.
Chainlink (LINK) price recently confirmed a bullish breakout from a long-term descending channel. This technical move has shifted market sentiment, with LINK trading steadily above the $15 support level. The price rebound marks a significant shift for the asset, which had been consolidating for months.
LINK demonstrated a 20% weekly increase during the past seven days because market participants began to develop increased confidence. Traders are focused on LINK because of its breakout which suggests additional price growth depends on maintained bullish momentum. The market trend includes improved investor sentiment throughout major digital assets that confirms this development.
The market tranquility stems from geopolitical progress as a major contributor to this current market surge. U.S. President Donald Trump appeased investors when he chose to abandon initial plans for imposing strict tariffs against China and other countries. The White House supports his statements which provide market confidence about a limited trade approach.
The worldwide cryptocurrency market capitalization increased by 3.23% until it reached $2.94 trillion. During this period the trading volume exploded to a total of $134.71 billion with a 30.26 percent increase. Both Bitcoin maintained above $93,000 right after Ethereum kept its value above $1,800.
Chainlink Price Holds as Accumulation Zone Strengthens
Chainlink price has found firm support near the $6.30 mark, with over 376 million LINK acquired around this level. This area reflects a significant accumulation zone, where buying activity has been historically concentrated. According to on-chain data, this level is now strongly supported as the asset trades above it.
Meanwhile, resistance stands near $15.22, where many holders are positioned to exit. Data from IntoTheBlock reveals a large volume of addresses holding LINK at a loss just below this resistance. The clustering of tokens at this price suggests that it could act as a major hurdle in the near term.
Currently, around 51% of holders are in profit, while nearly 43% are underwater. A further 6% are at breakeven, holding tokens near the current trading price. This distribution may create volatility as market participants react to upcoming moves, especially if LINK retests key levels near support or resistance.
LINK Price Targets $20 Amid Surge
Chainlink price is trading at $14.91 after a steady upward move within a rising channel on the 4-hour chart. The LINK price has surged by more than 10% in the past 24-hours after a bullish breakout. The cryptocurrency has recently reached a high of $15.04, showing continued strength after breaking out from a long consolidation phase.
The RSI has surged past 77, signaling overbought conditions that may cause near-term pullbacks. Despite this, momentum remains strong. The MACD is positive, with the blue line above the signal line, confirming bullish momentum. Volume has also increased, supporting the ongoing price movement.
Immediate resistance lies at $16, which may act as a short-term ceiling. A clear break above this could open the door toward the $18 and $20 levels. If the momentum stalls, support may be found at $14.00 and further down at $12. Continuation within the rising channel suggests potential upside as long as support holds.
