Chainlink Shatters Key Support—Bulls Charge Toward $30 Target
Chainlink's price action just ripped through a critical support level like it was tissue paper. Traders are now laser-focused on the $30 horizon—and the momentum suggests they might just get there.
Why this matters: When major crypto assets break structure, it's either a trap or a trampoline. This time, the bulls are betting hard on the bounce.
The cynical take? Another 'deFi summer' narrative getting pumped before the usual suspects dump. But hey—at least the charts look pretty.
Key technical points
- Strong Support Base: $9.49 HTF support initiated the current rally and remains a critical structural floor.
- Major Resistance: $24.88 resistance is capping price action; a breakout could accelerate momentum toward $33.75.
- Volume Profile: Healthy bullish inflows signal continued demand, supporting the case for further upside.
Chainlink’s bullish momentum began when price reclaimed the value area low in conjunction with the POC. This technical alignment sparked a series of higher highs and higher lows, signaling the shift into an uptrend on larger time frames. Since then, the asset has respected each retest of structural support, reinforcing the strength of the rally.
The current obstacle sits at $24.88, a historically significant resistance that has already prompted a dollar-level rejection. This confluence with the value area high underscores its importance. Should LINK break and close above this level on a daily basis, it WOULD likely trigger an accelerated move toward the $33.75 HTF resistance. This level coincides with a previous swing high, and a breakout there would confirm a fresh market expansion phase.
From a volume perspective, LINK’s profile shows bullish influxes during key price advances. These spikes in buying pressure reflect strong participation from market participants and bolster the probability of sustained upside. Maintaining this healthy volume dynamic is essential for the rally to continue and for resistance levels to be decisively breached.
What to expect in the coming price action
If LINK can hold above its current breakout zone and close decisively over $24.88, the next technical target lies at $33.75. Breaking that level would establish new swing highs and potentially trigger a broader bullish continuation.
Failure to hold above current levels could see a short-term retest of the POC or value area low before another upside attempt. Overall, the structure remains bullish, with higher levels likely if resistance gives way.
