Chainlink Eyes $30 as Bulls Defend Key Levels Amid Rising Adoption
Will the price of Chainlink (LINK) reach the $30 milestone as the blockchain sees an increase in adoption?
Despite Bitcoin’s price falling below the $100,000 mark, bullish sentiment around Chainlink has kept its price above the $25 psychological level.
With a 3.17% surge over the past 24 hours, the LINK price trend has formed a bullish pattern on the 4-hour chart.
Will this pattern lead to a breakout rally this week as Chainlink adoption grows with seven new integrations?
Chainlink Price Analysis
On the 4-hour chart, Chainlink’s price action shows consolidation between two crucial resistance levels. The key support remains in a demand zone, extending from $22.54 to $22.86.
A local resistance trendline is currently limiting bullish growth. Combined with the prevailing uptrend, this consolidation range forms a bullish pattern.
Based on the trend-based Fibonacci levels, the crucial zones align with the 23.60% Fibonacci level at $26.32 and the base level at $22.48. The overhead trendline indicates potential resistance at these levels.
The 4-hour RSI line is slightly below the overbought boundary as LINK faces overhead resistance. Meanwhile, the MACD indicator shows converging average lines, signaling a neutral short-term price trend.
Update on Chainlink’s Rising Adoption
In a recent tweet, Chainlink shared its weekly adoption update. Over the past week, the network added seven new integrations of the Chainlink standard across four services and seven different blockchains, including Avalanche, Base, Ethereum, Mantle, Polygon, Sonic Labs, and SXT.
Amid the broader market recovery, these growing integrations and increased global adoption are likely to drive Chainlink’s price higher.
On-chain Data Targets $30
Based on the in-and-out-of-the-money price indicator from IntoTheBlock, LINK’s price action has the potential to reach the $30 mark. In the short term, significant resistance remains between $26.46 and $27.25.
