Chainlink Eyes Bullish Reversal: Breakout Rally Toward $14.50?

  • Chainlink’s price surged 8.73%, reaching $14.28, signaling a potential rally to $14.50.
  • The market cap of $9.38 billion and the $464.2M 24-hour volume demonstrate encouraging investor interest.
  • Analysts expect resistance at $14.32-$16.43, with 181.42M LINK tokens purchased within this price range.

Chainlink (LINK) has emerged from its recent downtrend, breaking a crucial resistance level last Wednesday. This bullish price action has ignited optimism across the crypto market. Experts are now keenly awaiting the next move by LINK with technical indicators favoring a rally that can propel pricing to the $14.50 level.

Chainlink surged 8.73% over the last 24 hours to $14.28 as the bulls gained momentum. Chainlink’s rebound is generating renewed interest from traders and observers anticipating a breakout to $14.50.

With a market cap of $9.38 billion and a 24-hour volume of $464.2 million, the trading action of the LINK has accelerated 57.66% as investor confidence increases. The volume-to-cap ratio of the token now stands at 4.9%, indicating strong liquidity.

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The significant surge in price and volume are indications that a general rally could be starting. Experts are confident that if the price continues this rate and overcomes some resistance levels, the next stop will be at or above $14.50.

Analysts Predict Resistance at $14.32 to $16.43 Level

On-chain data shows that a significant number of LINK holders—approximately 108,000 tokens—were acquired in the $14.93 to $15.37 range. These holders might offload their positions at break-even during a price rise, potentially capping any upward movement and limiting LINK’s immediate breakout potential.

Analyst Ali Martinez observes that almost 181.42 million LINK tokens have previously been purchased at between $14.32 and $16.43. Such positions in the red could provide a influential resistance barrier. When prices return to this area, investors willing to cut their losses would cause a sell-off and halt growth at least temporarily.

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Chainlink Faces Potential Selling Pressure Ahead

IntoTheBlock reported a discernible pattern in Chainlink’s Exchange Netflow. The total net outflows surpass $120 million worth of LINK in the last 30 days A spike in outflows typically signals that investors are transferring assets to cold wallets, reducing selling pressure on exchanges.

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Source: X

Such behaviour usually signifies accumulation by long-term holders, especially by whales or institutions. Such buyers will purchase at troughs and hold and await better prices, supporting expectations of a rally. As a larger volume of LINK moves off of exchanges, limited supply in trading platforms could cause price appreciation if demand levels off or even rises. 

Despite all this positive news, some on-chain indicators are warning of potential resistance to come. In/Out of the Money (IOMAP) model indicates that LINK is above comparatively weaker support levels and heading towards dense resistance areas.

Read More: Whales Accumulate 376M $LINK at $6.30: Is a Chainlink Rally Imminent?

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