Chainlink (LINK) Holds Key Support Amid Market Downturn, $47 Rally in Sight
Chainlink's LINK token is at a critical technical juncture as it tests long-term support levels, with analysts forecasting a potential rally to $26—and extended upside toward $47—if bullish momentum emerges. The token currently trades at $15.36, down 2% on the day and 12.43% for the week amid broad crypto market weakness.
Chainlink's recent launch of Confidential Compute represents a major breakthrough for institutional blockchain adoption. This solution overcomes privacy barriers that previously limited smart contract scalability in traditional finance, cementing LINK's role as foundational infrastructure for trustless systems requiring confidentiality.
Notably, whale accumulation continues despite price pressure, with 4 million LINK recently purchased—a divergence that often precedes trend reversals. Trading volume fell 44% to $624 million, indicating cautious sentiment ahead of potential breakout confirmation.
