Chainlink (LINK) Price Ready to Explode After $16 Support Test?

2025-09-09

Chainlink’s price action has once again placed it at the center of crypto market discussions. After years of consolidation, the Chainlink price is now trading in a narrowing range that suggests a big move could be coming soon.

Traders and long-term investors alike are keeping a close watch on critical support and resistance levels that may define the next chapter of LINK’s journey.

Chainlink Current Market Status

Source: Bitrue Platform

At the time of writing, Chainlink is priced at $23.08, going up for 24-hour of 1.54%. With a market capitalization of $15.11 billion, LINK holds the 13th position among global crypto assets. Despite the pullback, the project remains a top player in the blockchain oracle sector.

Daily trading volume stands at approximately $1.23 billion, supported by a circulating supply of over 678 million tokens. This shows consistent liquidity and strong participation across major exchanges.

Technical Analysis: Symmetrical Triangle and $16 Support

Chainlink (LINK) Price - Bitrue

Source: CoinGecko

Analysts highlight that Chainlink has been forming a multi-year symmetrical triangle pattern, with its ascending support trendline pointing toward the Chainlink $16 support zone.

This level has become a strategic accumulation area for whales, suggesting that big players view it as an attractive entry point.

If LINK holds this support, analysts believe the market could soon witness a LINK breakout that triggers the next bullish cycle.

A decisive breakout above the $25–$27 resistance range would likely open the door toward the macro pivot at $31. Historically, this level has been a major ceiling for rallies.

If momentum continues beyond $31, the next upside target is the $50–$52 zone, LINK’s previous all-time high. Based on the measured move from the triangle, some analysts even forecast a long-term target of $100 in the most optimistic LINK crypto forecast.

Short-Term Indicators and Price Movements

Recent price action shows LINK trading within a tight band, with an intraday high of $23.08 followed by minor selling pressure.

The MACD currently sits below the signal line, signaling short-term bearishness, while the RSI at 46.75 confirms that sellers still outweigh buyers, but the token is not yet oversold.

Key support lies at $19.53. A breakdown below this level could deepen losses, while a rebound would reinforce the bullish setup. Traders consider the current sideways action as a potential calm before the storm, with the long-term triangle pattern nearing its apex.

Cup-and-Handle Formation Suggests More Upside

Chainlink (LINK) Price - Bitrue

Source: TradingView

Beyond the triangle, LINK is also displaying a classic cup-and-handle pattern. With an upside potential of $27.17 and a downside base at $10.15, the projected price target could be as high as $44, nearly double its current level.

This formation, combined with the fact that LINK is still trading above its 50-day EMA and Ichimoku Cloud support, indicates a resilient Chainlink bullish trend despite the latest correction.

Fundamental Catalysts: Reserves, Partnerships, and ETF Hopes

On-chain data further strengthens the case for a LINK potential rally. According to Nansen, the number of LINK tokens held on exchanges continues to decline, signaling reduced selling pressure. Current reserves have fallen from 277 million to 270 million tokens.

Additionally, the new Chainlink Reserves initiative has accumulated over 237,000 LINK worth $5.3 million, further locking up supply.

Partnerships also fuel optimism. Chainlink is working with major institutions such as Swift, JPMorgan, Aave, and even the US Department of Commerce. These collaborations integrate Chainlink oracles into real-world finance and government data, adding long-term value.

Moreover, optimism around a potential Bitwise LINK ETF filing could spark institutional demand, just as Bitcoin and Ethereum ETFs have impacted their markets.

LINK Price Prediction: What’s Next?

Given the technical setup and fundamental strength, here’s a Chainlink price analysis outlook:

1. Short-term: If LINK defends $19.53 and rebounds, a retest of $25–$27 resistance looks likely.

2. Mid-term: A breakout above $31 could ignite a Chainlink price rise toward the $50 zone.

3. Long-term: If the symmetrical triangle completes, LINK’s move could extend toward the ambitious $100 mark.

While risks remain, especially if $16 support fails, the odds favor a LINK rally ahead once consolidation ends.

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FAQ

What is the current Chainlink price?

At the time of writing, Chainlink (LINK) is trading around $22.29 with a market cap of $15.1 billion.

Why is the $16 support level important?

The Chainlink $16 support is the ascending trendline of a multi-year symmetrical triangle and a zone of whale accumulation, making it a critical pivot for future price direction.

What is the LINK price prediction for 2025?

Analysts suggest that if LINK breaks above $31, it could retest the $50–$52 all-time high. Long-term projections from the triangle pattern even hint at $100.

Is Chainlink showing a bullish trend?

Yes, despite recent pullbacks, indicators such as the cup-and-handle pattern, declining exchange reserves, and strong institutional partnerships support a Chainlink bullish trend.