Chainlink (LINK) is once again in the spotlight following a recent update from veteran trader Matthew Dixon. While most cryptocurrencies show sideways movement, LINK is attempting a breakout.
Update from the Trader
In his post on platform X, Matthew Dixon analyzed current trends for LINK, noting that the chart is setting up for a key move. The main question is whether LINK has enough momentum to break resistance or if it is ready to take a breather.
Support and Resistance Levels
At present, LINK has pulled back slightly and is testing support in the $15.10 to $15.30 range, aligning with the 0.236 Fibonacci retracement level of its latest rally. The $14.50 area, where LINK previously broke out, could serve as the next support if the price dips further. A slip below $14.20 could jeopardize the bullish setup and shift focus to the $13.50–$12.50 support zone.
Future Prospects for LINK
Short-term resistance remains around $16.00–$16.20 where LINK has faced rejection twice in July. A confirmed breakout above this zone would open the door towards May highs between $18.00 and $18.50. The next target rests around $21.9 which may lead to a potential breakout towards $23.7, overlapping with historical resistance in the $24–$25 area.
Chainlink remains in a bullish posture for now as long as $14.50 holds. Traders will closely monitor the $16.20 zone to determine whether the current momentum has enough strength for further gains.
