Chainlink Breaks $21 With Bulls Eyeing A Surge Toward $95

Key Insights

  • LINK price has jumped over 13% in 24 hours amid the recent Strategic Reserve launch.
  • Whale and institutional buying have pushed trading volume above $2.7 billion.
  • A major resistance level sits between $24 and $26.20, with analysts predicting prices as high as $95.

Chainlink is grabbing headlines after recently climbing above $21 for the first time in months. This move has been fueled by strong fundamentals and technical signals so far. With this, traders becoming more optimistic by the day.

So far, the LINK price is up more than 13% in just 24 hours and 32% over the past week. Could more upside be close?

Strategic Reserve Adds Fuel to the Chainlink Rally

The big story behind this rally is the launch of Chainlink Strategic Reserve on August 7. The reserve has already locked over $1 million worth of LINK and has reduced the asset’s circulating supply. In essence, the LINK price is benefiting from some long-term deflationary effect.

ChainLink launches strategic reserve plan | Source: X
ChainLink launches strategic reserve plan | Source: X

The reserve is built on the Payment Abstraction system of Chainlink. It allows multi-token conversions while strengthening the network’s institutional appeal.

The move is similar to strategies used in trad-fi systems to stabilise prices. LINK could be on the verge of something big.

Technical Breakout Puts $26 in Sight.

At the time of writing, the LINK price stands at $21.41 with a market cap of $14.52 billion. The rally marks a confirmed break above the $21 psychological resistance and the 200-day EMA at $17.02.

Chainlink’s support and resistance levels, as RSI shows bullish conditions | Source: X
Chainlink’s support and resistance levels, as RSI shows bullish conditions | Source: X

The daily chart shows Chainlink clearing a long-term descending resistance at $20.05. The same was highlighted by the Fibonacci extension above. As of writing, the RSI sits at 65.56, which is strongly bullish, but not yet overbought.

When combined with the positive MACD, the LINK bulls seem to be in control of the market. The charts also show that immediate upside targets for the asset include $21.89 and $23.99.

With this, the $26.20 resistance zone acted as the next major blockage. The flipside showed that downside support can be found at $19.51 and $17.64.

A scenario where the bears take full control of the market could have a deeper pullback. This may take the LINK price as low as $15.83.

Analysts Eye Much Higher Targets

Some analysts believe the latest rally could be the start of something much bigger. For example, Javon Marks believes that the asset could be on its way towards a long-term value of $88.26.

The analyst also predicts an interim move to $47.15. Analyst Ali Martinez is even more bullish on Chainlink. He stated that a break above the $24 price level could clear the path for a rally towards $95.

Ali Martinez believes that LINK can hit $95 | Source: X
Ali Martinez believes that LINK can hit $95 | Source: X

The optimism from both of these analysts comes from LINK breaking out of multi-year trendlines on the weekly charts.

In other words, the LINK price may hold itself steady and break above $24, $28 and $52 with strong volume. If this happens, a macro trend reversal could take hold. This could even set the stage for triple-digit prices.

Market Outlook for Chainlink Price

For a bullish scenario, a sustained breakout above $24 – $26 could trigger a move toward $28. It was further followed by $47.15 in the medium term. If network growth, demand, and the strategic reserve plan hold, LINK could challenge all-time highs fairly quickly.

On the other hand, if Chainlink fails to hold above $20, a retracement toward $18 or even $16 is possible. However, strong support at these levels could provide fresh entry points for long-term investors.

All things considered, Chainlink’s latest price spike is more than just a short-term pump. It shows that the asset is enjoying confidence from both retail and institutional investors.

The Strategic Reserve could be what kickstarts it all. When combined with bullish technical patterns, the LINK price could be well set for more upside.

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