Chainlink (LINK) Technical Analysis: Descending Broadening Wedge Signals Potential Rally to $30

Chainlink’s price action shows a promising technical formation, with the oracle token developing a descending broadening wedge pattern—a structure often preceding bullish breakouts. Currently trading between $15.13 and $16.07, LINK encounters immediate resistance at $19.50 while holding critical support at $16.00.

Technical indicators support the positive outlook. The Relative Strength Index remains above the neutral 50 level, and bullish BBPower readings indicate growing momentum. chainlink maintains its leadership in real-world asset tokenization development, surpassing competitors with the highest GitHub commit activity in its category.

A confirmed breakout above the $17.20 trendline could trigger upward movement toward initial targets of $22-$26, with extended projections reaching $30. Market analysts highlight this pattern’s historical tendency to produce 40-60% rallies upon completion.