- ChainLink (LINK) is trading around $19.20 and targeting resistance at $21.
- The price briefly passed $20 before correcting but could reach $28 by August 2025 based on recent growth trends.
- LINK rose over 22% this past week, influenced by recent legislative activity and significant whale purchases.
- Technical indicators show a bullish double-bottom pattern and an overbought RSI, suggesting potential for both upward momentum and a possible short-term dip.
- The weekly chart displays a bullish pattern, with key indicators turning positive after a bearish period earlier this year.
Chainlink (LINK) is holding steady above $19.20 and is currently consolidating near a critical resistance mark. The altcoin aims to reach the next resistance at $21, following a brief move above $20 earlier in the week before experiencing a price correction.
Over the past seven days, LINK has surged more than 22%. According to available data, this rise is supported by Bitcoin’s rally and the recent passage of the GENIUS, CLARITY, and Anti-CBDC acts. Large cryptocurrency holders, commonly known as “whales,” have played a role in this week’s movement, purchasing more than 8 million LINK tokens, as noted by crypto analyst Ali-charts.
In the last month, LINK has increased by 69.7%. If this rate continues, the token could trade as high as $28 over the next month. A recent technical breakout and retest of a bullish double-bottom pattern signals momentum could push LINK to $23, which would be a 20% increase from current levels.
Despite the positive forecasts, the Relative Strength Index (RSI)—a tool that measures if an asset is overbought or oversold—is currently in the 80s for LINK. This reading suggests the token may experience a pullback soon, but steady momentum could help LINK hit a new yearly high.
The weekly chart shows LINK is trading in a bullish pattern, testing the neckline of the double-bottom formation. The Chaikin Money Flow (CMF) is now above zero, and the weekly Moving Average Convergence Divergence (MACD) has shifted to a bullish signal for the first time since the start of the year. These factors point toward a possible breakout, with price targets within the upper limits of the current ascending channel.
For more analysis, see Chainlink (LINK) Eyes $22: Here’s When it May Rally.
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