Chainlink Surges 11% - Bulls Target $24 Breakout But Face Critical Resistance Levels

Chainlink's native token LINK rockets upward as bullish momentum builds toward the psychological $24 barrier.

Technical Barriers Loom Large

Multiple resistance levels stand between current prices and the coveted $24 target. The cryptocurrency faces stiff selling pressure at key historical price points that have repeatedly rejected previous advances.

Trading volume spikes 45% as speculators pile into positions, betting on a decisive breakout. Short-term holders scramble while long-term investors hold firm through the volatility.

Market analysts point to critical Fibonacci retracement levels and moving average convergences that must be conquered for the rally to sustain. The 50-day EMA presents the first major hurdle at $21.50.

Meanwhile, derivatives traders pile into leveraged positions—because what's crypto without a little reckless optimism and margin calls waiting to happen?

Chainlink's oracle network continues seeing steady adoption, but price action remains divorced from fundamentals as usual. The $24 target represents more than just a number—it's the line between consolidation and genuine bullish conviction.

Key Takeaways

What triggered LINK’s rebound?

A strong bounce from $16 support, paired with declining Exchange Outflows and whale accumulation, revived bullish sentiment.

What could confirm further upside?

A daily close above $24, alongside a lower Exchange Supply Ratio and sustained whale demand, could extend the rally.

Chainlink [LINK] bounced strongly from a key demand zone at around $16 on the daily chart. At press time, LINK traded around $19.25, up 11% in 24 hours.

The recovery followed a heavy sell-off during the broader market crash, suggesting that buyers may be regaining control. The next major resistance sat NEAR $24, the key level LINK must clear to confirm a structural shift back to bullish.

Technical indicators flash green signals

LINK’s technical indicator pointed to the momentum continuation.

The altcoin’s Stochastic RSI rebounded from oversold levels, signaling renewed buying strength. This shift hinted that LINK could sustain its upward momentum if follow-through volume persists.

Still, bulls face a decisive test. For the rally to continue, LINK must break and close above the $24 resistance zone. A rejection could trigger another pullback toward the $16 support region.

Source: TradingView

On top of that, on-chain data adds more evidence of market resilience.

Chainlink’s exchange data supports bullish bias

On-chain data added another LAYER of optimism.

Exchange Outflows dropped notably in recent days, showing fewer tokens moved to trading venues. This pattern typically reflects stronger holder conviction and reduced sell pressure.

Source: CryptoQuant

At the same time, the Exchange Supply Ratio (ESR) fell from 0.155 to 0.151, suggesting tighter supply conditions as demand grew near the current price band around $19.

By contrast, the spot market’s shrinking supply aligns with rising dip-buying activity, indicating renewed investor confidence in LINK’s medium-term prospects.

Source: CryptoQuant

Whales step in at the dip

Supporting the bullish outlook, whale activity surged notably, too.

CryptoQuant’s Futures Average Order Size chart showed a notable increase in large whale orders near the recent lows.

As observed from the past, the coordinated surge of orders on market dips preceded previous explosive runs, and the same could come into play for chainlink once again.

Source: CryptoQuant

If accumulation continues alongside improving structure and momentum, a retest of $24 could arrive sooner than expected.