- LINK jumps 5.82% to $25 as trading volume climbs 32.12% to $3.01B, showing strong buyer demand.
- RSI at 64.71 and MACD spread of 0.356 show strong bullish momentum with room before overbought levels.
- Resistance levels are set at $31 and $37, with Fibonacci projections indicating a potential climb to $47.
Chainlink (LINK) is continuing its bullish cycle; the token is currently trading at $25, up by 5.82% in the last 24 hours. Market activity is high, with trading volume increasing by 32.12% to reach the level of $3.01 billion.
Source: CoinMarketCap
In the last seven days, LINK has gained a weekly gain of 7.61% in price, increasing confidence levels in the market. The coin is in a long-term uptrend, implying growth in confidence, and the trend is currently in support of upside moves in the near term.
LINK momentum builds with targets at $31 and $37
Crypto analyst More Crypto Online highlighted that the market structure of LINK is developing according to the framework of Elliott Waves. The token also received a solid foundation near the $13-$17 area, and this acted as a catalyst to buyers.
The strength of that base enabled price action to cut through the $23 pivot, and that validated renewed strength and added reinforcement to the ongoing bullish setup.
Source: X
Once this level was overcome, other analysts identified even greater resistances in the future. The first significant target is $31, and the subsequent resistance area is approximately $37. As long as momentum remains strong, Fibonacci projections suggest the rally may be extended further to approach $47, offering LINK a clear path to further gains.
Also Read: XLM Rebounds Amid Choppy Markets, Eyes on $0.50–$0.55 Range
RSI and MACD Readings Signal Uptrend Continuation
The Relative Strength Index demonstrates strong positioning. It has a current RSI of 64.71, and the average is 67.58. Both indicators are indicative of great buyer pressure but are not in an overbought range yet.
The Moving Average Convergence Divergence provides additional confirmation. The MACD line is at 2.163 to signal a line of 1.807. The further spread of 0.356 testifies to the power of the upward move. The histogram bars continue to exhibit green jumps, which suggests that momentum is in favor of further growth.
Source: TradingView
Open Interest Climbs 9.06%, Signaling Strong Market Activity
CoinGlass data shows that volume increased 43.47% to $6.93 billion. The open interest increased by 9.06 percent to $1.73 billion. The funding rate is 0.0118%, indicating that traders are not establishing positions at high leverage with an aggressive approach. This gradual increase also minimizes the possibility of a sharp reversal.
Source: CoinGlass
The perspective of LINK is also optimistic due to the technical indicators and healthy market involvement. Support is tight, the momentum is still in favor, and resistance levels are well defined. With these stable conditions, the token is set to move to around $31 and $37 with a long-term Fibonacci target of $47.
Also Read: Chainlink, ICE Partnership Fuels LINK Rally Toward $30.55
