Chainlink (LINK) Bulls Charge: 5% Surge Signals Breakout Toward $20 as Technicals Target $31

Chainlink (LINK) has rallied 5.6% to $16.25 in 24 hours, fueled by a confirmed W-pattern breakout and surging trading volume. Technical analysts highlight a descending wedge breakout and multi-month resistance at $18.00, with long-term cycle projections eyeing the $25–$31 range.

The W-pattern formation follows months of consolidation between $12.00 and $18.00, with a decisive break above $18.00 seen as confirmation for extended upside. The ascending trendline established since mid-2023 adds credence to bullish structural momentum.

Market conditions appear favorable with higher lows and expanding volume, suggesting sustainable buying pressure. The $31.07 target represents a key psychological level, potentially mirroring previous cycle peaks if bullish momentum persists.