Recently, LINK's price increased by 11% to $19.33, following a breakout of long-term resistance zones and optimistic analyst forecasts.
Breakthrough Resistance and Short-Term Predictions
Chainlink (LINK) prices rose by 11% in the last 24 hours, reaching $19.33 after breaking through the previous resistance area between $16 and $18. This price increase aligns with a bullish technical structure that analysts believe could lead to further price hikes.
Cup and Handle Formation as a Continuation Signal
Technical analysis indicates a cup and handle formation on the weekly chart, often associated with long-term bullish momentum. Maintaining price levels above $20 with sufficient trading volume could open resistance targets at $28 and $52. This setup would confirm a macro reversal and continuation trend.
Network Growth and Increased Open Interest
CoinGlass data shows that open interest in LINK derivatives increased by 23.37%, reaching $1.08 billion. According to IntoTheBlock, the number of new addresses grew by 15.95%, active addresses by 17.73%, and zero-balance addresses by 18.79%. These metrics indicate heightened user participation and growing adoption.
The combination of a bullish price structure, strengthening market participation, and reduced circulating supply supports projections for further upside in LINK's price.
