Chainlink (LINK) has been showing an interesting price trend lately. Technical analysts are monitoring key levels and potential directions for movement.
Technical Analysis and Price Breakout
Chainlink (LINK) is trading around $23, with a slight 1% decline over the last 24 hours. The price has remained stable over the past week. Analyst Ali Martinez presented a weekly chart showing a breakout from a symmetrical triangle that started in 2022. This breakout occurred just above the $21 level, which matches the 0.618 Fibonacci retracement zone. Consequently, it is believed that the consolidation period may have ended. Key levels to watch include $31.57, $53.07, and $102.68.
Resistance and Support Levels
According to an analysis from CRYPTOWZRD, the asset closed the day without clear signals on both LINK/USD and LINK/BTC charts. The analyst noted that stronger daily candles are needed for the next move to take shape. The $24 level is marked as immediate resistance. A confirmed breakout and hold above this point could trigger a push toward $30. 'We will have to get more healthy daily candles to expect a further bullish move towards the $30.00 resistance,' CRYPTOWZRD posted.
Institutional Investments in Chainlink
Institutional interest in Chainlink continues to grow. Caliber, a Nasdaq-listed asset management company, confirmed the purchase of LINK tokens as part of its digital asset treasury strategy. This initial purchase will serve as a system test, after which purchases will be made using a combination of cash reserves, equity-based securities, and credit facilities. Grayscale Investments has also filed for a Chainlink ETF that would trade under the ticker GLNK on NYSE Arca. This follows a similar application submitted by Bitwise in August. Regulatory decisions are expected in October.
Chainlink shows clear signs of movement fueled by both technical factors and growing institutional investments. Monitoring key resistance and support levels will be critical for predictions of further growth.
