Chainlink Primed for 35% Rally – But One Critical Level Stands in the Way

Chainlink’s oracle network flashes bullish signals as traders eye a potential 35% surge—if key support holds. Technical charts show a textbook breakout pattern, but failure at the $14.20 level could trigger a cascade of stop-losses. Crypto’s favorite ’real-world data’ middleware faces its make-or-break moment.

Market makers are already positioning for volatility, with options volume spiking 200% this week. Meanwhile, Bitcoin maximalists grumble about ’over-engineered altcoins’ while quietly adding LINK to their portfolios. The irony? Even decentralized finance needs price feeds—and Chainlink’s the one cashing those checks.

2.54 million transfer from Bybit

Recently, the blockchain-based transaction tracker Whale Alert reported two large transactions totaling 2.54 million LINK moving from Bybit to an unknown wallet in the past 24 hours.

One transfer involved 1.25 million LINK ($20.5 million), while the second moved 1.289 million LINK ($21.1 million). It seems like this unknown wallet belongs to the same whale.

Such transactions, given the current market sentiment, are often considered potential accumulation by whales or institutions.

Meanwhile, this transfer was recorded following the breakout of a bullish inverted head and shoulders price action pattern.

It’s not just whales in motion.

On-chain data from IntoTheBlock showed a strong spike in transaction volume from retail and long-term holders. Transfers between $1K–$10K jumped 87.21%, while $10K–$100K transfers surged 130.20%.

Source: IntoTheBlock

When combining the participation of both whales and retailers, it appears that bulls are currently dominating the asset, and LINK seems to be preparing for a potential upside rally.

Volume dips amid short-term caution

At press time, LINK traded NEAR $17.07, up 2.10% over the past day.

Despite the bullish price action, its Trading Volume dropped by 15%, indicating reduced participation by crypto enthusiasts amid the ongoing correction.

According to AMBCrypto’s technical analysis, LINK appears bullish and is on the verge of a massive upside rally.

The daily chart reveals that the asset has recently broken out of a bullish inverted head and shoulders price action pattern and has successfully retested the breakout level.

Source: TradingView

Based on recent price action and historical patterns, if LINK holds above the $15.70 level, there is a strong possibility that the asset could soar by 35% and reach the $23.15 level in the coming days.

On the other hand, this bullish outlook could fail if the LINK price falls below the $15.30 level.

At press time, LINK’s Relative Strength Index (RSI) neared the overbought zone, as it stood at 65. This indicated that the asset still had room to continue its upside momentum before entering overbought territory.