- LINK price climbs 11% in 24 hours to $19.33, breaking a long-term resistance zone and signaling sustained bullish momentum.
- Analysts project LINK could hit $47.15 in the near term and extend to $88.26 if current technical structures hold.
- Strategic reserve launch boosts demand potential, while network metrics show double-digit growth in activity and participation.
Chainlink gained 11% in the past 24 hours, trading at $19.33 after breaking through a multi-month resistance zone between $16 and $18. This price movement aligns with a bullish technical structure that analysts believe could lead to further gains.
Market analyst Javon Marks outlined a target of $47.15 in the near term and a longer-term projection of $88.26. His analysis is based on a breakout from a long-term descending resistance trendline, a development often associated with trend reversals. Sustained higher lows further support the bullish case.
Cup and Handle Pattern Signals Continuation
Technical analysis also shows a cup and handle formation on the weekly chart, a pattern often linked to long-term bullish momentum. Maintaining price action above the $20 level with sufficient trading volume could open resistance targets at $28 and $52. This setup would confirm a macro reversal and continuation trend.
The recent launch of Chainlink’s strategic reserve is adding to the positive sentiment. The reserve aims to acquire LINK through on-chain and off-chain revenue, already accumulating more than one million dollars’ worth of tokens. Built on Chainlink’s Payment Abstraction system, it allows multi-token conversions that could reduce the circulating supply.
Network Growth and Open Interest Rise Sharply
CoinGlass data shows open interest in LINK derivatives increased 23.37% to 1.08 billion dollars. IntoTheBlock reports that new addresses grew by 15.95%, active addresses by 17.73%, and zero-balance addresses by 18.79%. These metrics indicate heightened user participation and growing adoption.
Outlook Supported by Technical and On-Chain Trends
The combination of a bullish price structure, strengthening market participation, and reduced circulating supply supports projections for further upside. Maintaining support levels above the recent breakout range remains crucial for this outlook to hold.
