Chainlink (LINK)’s price has entered a bullish pattern and is consolidating around a crucial resistance level. Currently sitting just over $19.20, the altcoin is targeting $21 as its next resistance level. The asset briefly surpassed $20 on Tuesday before facing a correction. However, that hasn’t stopped analysts from raising their price forecasts. Based on its growth over the past month, LINK could surge to a target of $28 by August 2025.
The LINK cryptocurrency is up over 22% in the past week. LINK’s surge is thanks in part to Bitcoin’s rally and the approval of the GENIUS, CLARITY, and Anti-CBDC acts. In addition, there has been plenty of whale movement around Chainlink in the past week, contributing to LINK’s rise. According to crypto expert Ali-charts on X, whales have purchased over 8 million LINK tokens in the past month. In the past month, Chainlink LINK is up 69.7%. If it were to maintain that trend upward over the next 30 days, LINK could end up trading at $28.
LINK has recently broken out and retested a bullish double-bottom pattern. The coin is now poised for a significant price uptick, and could continue this momentum all the way to $23, a 20% climb from current prices. However, LINK’s RSI currently sits in the 80s, indicating a potential dip soon from being overbought. Avoiding this dip could fuel the asset’s surge in the coming week to a new 2025-high.
Also Read: Chainlink (LINK) Eyes $22: Here’s When it May Rally
Furthermore, the weekly chart of LINK price suggests the token is trading within a bullish pattern and is testing the neckline of the double-bottom pattern. The CMF has surged beyond 0, while the weekly MACD has just turned bullish after remaining bearish since the start of the year. These are the most bullish factors for the Chainlink price rally, which suggests a bullish breakout is imminent, which may push the price to the upper resistance of the rising parallel channel.
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