Since early February 2025, Chainlink (LINK) has been moving in a descending parallel channel on a four-hour timeframe, now setting its sights on a breakout toward $20.
Current Market Situation
Currently, LINK is holding the support of $15.15 and is poised to break above the $20 mark in the coming days.
Chart Analysis and Key Levels
Looking at the chart, LINK has already broken from its descending channel pattern which started in February 2025. The recent price surge has helped it to breach the 200 EMA, and at the current rate of $19.30, it becomes a key level. However, $20 is considered an important psychological barrier for traders.
Impact of Blockchain Metrics
Alongside price action, blockchain metrics also suggest a bullish scenario. Data from the on-chain analytics firm Santiment indicates that LINK’s social dominance is at its highest level in recent weeks, suggesting the token's value might increase. LINK’s development activity has been particularly active since the beginning of March 2025, and the decrease in supply on exchanges further bolsters the confidence in potential price growth.
The analysis of current metrics and charts indicates an optimistic sentiment among market participants toward LINK, which may support further future gains for the token.
