Key Insights
- Chainlink price is testing long-term resistance that has held since 2021.
- Institutional demand has been strong for LINK lately, which could boost the asset.
- Analysts like Ali expect a rally toward $73 or higher if resistance breaks.
Chainlink price is testing a multi-year resistance that has blocked every rally attempt since 2021. LINK’s strength has been steady despite the mixed market sentiment lately.
With this, the asset is moving higher with every cycle. Now, traders are watching to see if the token can finally break past some of its strongest barriers.
Chainlink Price Supported by Rising Lows
At the time of writing, LINK is trading near $27.8 after gaining 6% in the last 24 hours. The rally came right after Federal Reserve Chair Jerome Powell’s dovish comments lifted the entire crypto market.
Bitcoin rose 3.5 per cent, with Ethereum and the rest of the market following suit. Analysts have noted that the Chainlink price has formed higher lows for months. It has major support in the $8 to $10 range.
That zone became a springboard for the latest rally and showed strong market demand. Some market watchers believe that the next leg could target $73 or even higher if LINK can clear resistance.
According to market analyst Ali Martinez, the Chainlink price has “One more retest before Valhalla”. Naturally, a bullish jump of this scale would push the asset strongly above its previous all-time high.
However, it is essential to note that the setup has risks. Resistance is firm, and technical analysts warn that rejections are possible.
Institutional Demand Boosts Chainlink Price Outlook
Chainlink has also strengthened its standing with institutions by securing ISO 27001 and SOC 2 Type 1 certifications. These internationally recognized standards confirm that Chainlink meets the strictest compliance requirements.
Enterprises and governments looking into blockchain use cases can rest assured that LINK is safe. It also opens the path for adoption in industries that demand verified data.
The certification process, which was audited by Deloitte, covered price feeds, proof-of-reserve services, and the Cross-Chain Interoperability Protocol (CCIP). Chainlink hitting these requirements has now become the first blockchain oracle platform to do so.
Institutional investors have responded to this so far. Trading volumes spiked fivefold during the recent rally of the Chainlink price. Large purchases are driving the breakout through multiple resistance levels.
Chainlink Reserve And Technical Analysis
Another factor that supports this is the Chainlink Reserve, which buys LINK tokens from protocol revenues. The reserve recently purchased 41,000 LINK, worth about $1 million.
That raised its holdings to over 150,770 tokens. This was modest in size compared to the total supply. However, the reserve is one of the biggest lenders of strength to LINK’s market stability. It shows that Chainlink is focused not only on adoption but also on creating value.
Data from TradingView shows that support has been established at $24.15, confirmed by high volumes. LINK has advanced through resistance levels at $25.00, $25.50, and $26.00 before surging to its current range.
While this was happening, trading volume rose to 12.84 million units during the breakout. This was five times the 24-hour average. This jump confirmed that institutions were involved, another source of strength for the rally..
Momentum indicators also indicate that the Chainlink price is likely to continue upwards. Analysts are predicting higher highs for LINK if buying pressure holds.
For now, traders and investors are watching $27 to $28 as important price points for LINK. A confirmed breakout from here could bring new targets into view.
At the same time, a rejection would likely test support around $24. Whichever happens next will determine what happens next for ChainLink price action.
