Several pro-crypto legislations have been approved this past week, sending bullish sentiment throughout crypto, including in Chainlink (LINK). The LINK cryptocurrency is up over 15% in the past week, thanks to Bitcoin’s rally and the approval of the GENIUS, CLARITY, and Anti-CBDC acts. Experts are trying to decipher whether or not there is a boom or bust moment for Chainlink ahead, and are leaning further towards the former.
LINK’s supply on several crypto exchanges recently hit a record low, signaling investor confidence in the asset. In the last 24 hours, the asset’s trading volume is up over 80%. Analysts are looking at $22 as a key resistance level now that LINK is above $18. With a market capitalization of $12.4 billion and daily trading volume exceeding $1.47 billion, LINK is showing renewed strength after a period of consolidation.
Chainlink price has printed a double bottom chart pattern, alluding to a potential 126% rally to the upside. According to analysts, bullish sentiment among traders is increasing following a rise in LINK’s 30-day MVRV to the highest level in one month. Additionally, LINK is currently forming a bullish setup with a falling wedge pattern. The price has been consolidating within this wedge, signaling a possible trend reversal, with $18 being the first step.
Also Read: US House Officially Passes GENIUS, Clarity, And Anti-CBDC Acts
Analysts at CoinCodex project the Chainlink (LINK) cryptocurrency to reach $22 within the next month. The platform’s analysts write: “According to our current Chainlink price prediction, the price of Chainlink projects to rise by 5.45% and reach $ 18.92 by August 16, 2025. Per our technical indicators, the current sentiment is Bullish while the Fear & Greed Index is showing 73 (Greed).” LINK could continue its rally by an additional 10% and hit $22 by the end of August, opening the door for a bullish final quarter of the year.
To reach such heights, LINK must first establish $18 as a safe lower resistance for an extended period. If the altcoin could maintain above that mark through next week, it will certainly open the door to reach $20 and $22 next.
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