What to know:
- The LINK price is testing a key resistance zone, with a breakout potentially opening the path toward the $31.50 target.
- Grayscale’s $5.15 million LINK purchase highlights growing institutional accumulation and renewed investor interest.
- A decisive LINK breakout above $20.63 could strengthen the bullish Wave 1-2 setup and support further upside.
Chainlink (LINK) is showing renewed bullish momentum as its recovery approaches key resistance. Grayscale’s continued accumulation and Coinbase’s use of Chainlink for tokenized stock data are strengthening investor interest, while expanding utility could support further upside and increase market attention.
At the time of writing, LINK is trading at $11.67 with a 24-hour trading volume of $550.76 million and a market capitalization of $8.73 billion. Following the 1.11% gain over the last 24 hours, the LINK price structure and institutional accumulation point to a bullish reversal ahead.
Source: CoinMarketCap
Also Read: Chainlink (LINK) Price Eyes $28 as ETF Accumulation Fuels Bullish Breakout
LINK Price Targets $31.50 After Key Breakout
According to MCO Global, Chainlink (LINK) is testing a major resistance zone between $11.84 and $20.63 as its recovery gains traction.
The technical structure suggests LINK may be forming a D-wave recovery within a broader Wave 4 triangle. If momentum strengthens, the move could extend into a larger ABC pattern, keeping the short-term bullish outlook intact.
Source: MCO Global’s X Post
A breakout above $20.63 and the declining blue trend line will make the possible wave 1-2 structure more robust and allow for a bigger third wave run-up.
However, $31.50 will be the level to watch out for since moving above that level will totally invalidate the pattern and mean a strong bullish turnaround for LINK.
Grayscale Buys $5.15M LINK Amid Coinbase Move
The data from Nazoku further highlighted that Grayscale has allegedly bought another 443,153 LINK coins that are estimated to cost $5.15 million.
This comes a few days after Grayscale purchased 132,947 LINK coins worth $1.54 million. The total number of LINK coins that have been accumulated by Grayscale in the last one month is 886,396.
Source: Nazoku’s X Post
This is seen in Coinbase choosing Chainlink as its oracle system for tokenizing its stock offerings.
This will make Chainlink the source of stock prices on-chain, adding to its relevance in asset tokenization through blockchain technology. This will be compounded by the institutional demand for LINK and the increased utility in the real world.
What Happens Next for Chainlink?
It will be interesting to observe if LINK manages to move above the resistance level of $20.63 and the falling trendline. This would help improve the bullish technical setup and take the focus on $31.50.
Grayscale buying and the increasing relevance of Chainlink for tokenized assets can also play a supportive role in this regard.
Also Read: Chainlink (LINK) Double Bottom Signals $15 Rally as Grayscale Expands Holdings
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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