- Chainlink trades inside a rising channel with $20 marked as a key support level for potential trend continuation.
- Analysts highlight $31 as the next major resistance, with a breakout opening the path toward $38, $44, and $50.
- Current price at $23.22 reflects a weekly pullback, with traders monitoring both support and channel structure closely.
Chainlink continues to trade within a structured ascending channel, with analysts pointing to a possible retest of $20 before a move higher. Market participants are watching critical support and resistance zones to determine the token’s next trajectory.
Key Technical Levels and Analyst Outlook
Crypto analyst Ali has noted that a dip to $20 could provide what he describes as a “gift entry” before Chainlink targets the channel’s upper boundary near $50. The weekly chart shows the price oscillating within a defined ascending channel since 2023.
The $20 zone is viewed as critical support. It aligns with the channel midpoint, a prior supply zone turned demand, and a key retracement level from the last upward leg. This confluence strengthens the level’s relevance, with traders identifying it as the potential springboard for renewed bullish momentum.
A sustained defense above $20 would give bulls a clear base. From there, price projections include $24–$25 as the first checkpoint, followed by $28 and $31–$34, before higher targets such as $38 and $44 come into play. The channel’s top boundary extends toward $50.
Resistance Levels and Market Reactions
More Crypto Online emphasized that Chainlink currently respects $23 as a support level while eyeing $31 as the next key resistance. The account added that breaking this threshold could open a path toward $47 and beyond, though traders remain cautious of short-term oscillators.
The structure shows that the $24–$25 band remains a challenge, having rejected price action earlier this year. A decisive weekly close above it would shift attention toward $31. If momentum builds and $31 is cleared, the upper half of the channel becomes more accessible for continuation.
Failure to overcome resistance could see the token revisiting lower channel levels. While $20 remains the major support under observation, a breakdown beneath it would weaken the setup and expose Chainlink to $17, where another pivot aligns with the lower rail.
Current Price Action and Market Structure
Chainlink trades as of writing, at $23.22, with a 24-hour trading volume of $782.5M. The token is down 0.70% over the past day and 4.01% over the past week, reflecting short-term consolidation inside the broader bullish channel.
The dotted path drawn by analysts suggests a sequence of dip, base, and expansion, consistent with prior movements within the channel. This rhythm has seen midline retests followed by rallies to the upper rail, reinforcing confidence in the structure.
Traders are closely monitoring weekly closes for confirmation. As long as Chainlink remains inside the rising channel, technical setups support the possibility of gradual stair-steps higher. The focus now is whether the $20 retest materializes or if momentum carries the price directly toward $31 resistance.
