Chainlink price is holding firm near the $18 support level after breaking out from a prolonged downtrend. Traders are closely monitoring this zone, as it has become a pivotal point for the next potential move. LINK’s price structure remains bullish, supported by higher highs and higher lows showing signs of an uptrend.
Chainlink has moved up more than 45% in the last month as the cryptocurrency is recovering well after its recent lows. This breakout was also associated with a high volume which was an indication of interest by buyers. Nonetheless, sustained demand is important to maintain an upward momentum.
Currently, LINK is trading within a narrow range between $18.25 and $18.45. Bulls are actively defending support levels, with repeated wick rejections suggesting accumulation. Analysts believe a break above $20 could open the door to a quick rally, possibly testing the $30 resistance.
Chainlink Price Eyes $30, Says Analyst
A crypto expert has identified a major resistance level for Chainlink price near $20, calling it a key sell wall. The chart shared in the post shows LINK gaining upward momentum with a series of higher lows, hinting at growing bullish pressure.
This is a key level being monitored by technical traders since a breach signal may create an excellent buying opportunity. There is a possibility of an upside spill-over upon breach of $20, which attracts investors speculating on a possible strength. These levels at $26 and $30 will be central targets to be crossed, assuming LINK continues its current trend.
Chainlink Derivatives Volume and Interest Surge
The Chainlink derivatives market has shown notable signs of renewed trader activity and market confidence.
According to the latest data, LINK’s total derivatives trading volume surged to $1.11 billion. This represents an 11.86% increase, indicating a significant rise in market participation and liquidity.
Also the volume of derivatives of LINK has increased by 2.57% and has recently reached around a figure of $965.90 million. The rise in the open interest indicates increased number of open positions and would indicate forecasting of future price changes.
The bullish sentiments in volume and open interest make the view of market inclinations potential to be bullish.
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LINK Price Retests Support in Bullish Setup
Chainlink price has undergone a V-shaped recovery as crypto experts see the price action to be promising as the asset forms a textbook recovery. The token is back to one of its main breakout levels and this is the same with the 9-days exponential moving average (EMA).
Such a combination of technical signals gives strength to the existing formation, which indicates the high support in the retest area. The convergence confirms the possibility of an extension to the upside, provided the level is maintained during the next days.
This is viewed as a positive long-term prospect according to the eyes of market observers, where the price of LINK holds support at this support level. An entry is recommended quite close to the existing area, I have invalidation directly below due to the support area to handle the risk.
Key Levels To Watch
The Chainlink Price traded at $18.68, gaining 1.56% on the day and recovering from a brief dip earlier in the week.
Despite encountering resistance at the $20 level, buyers continued to defend key support zones. The price hovered just below the crucial psychological barrier, indicating a possible buildup for another attempt to breach it.
The Relative Strength Index (RSI) settled at 66.97, cooling from an overbought peak earlier in the session.
The Awesome Oscillator (AO) confirmed upward pressure. Despite a minor pullback, the indicator remained in positive territory at 2.83, reflecting continued market optimism.
Regarding resistance, LINK encountered fierce obstacles at $20, $25, and $30. Bulls need to cross these areas to verify a long-term breakout. Support region levels $15 remained critical in case of an eventuality of a downside reversal.
