• Chainlink price sits near $17.87, positioned between key Fibonacci retracement zones.
• A breakout above $19.60 could trigger a rally toward $27.90, while failure to hold $16.90 risks deeper losses.
• Chainlink’s partnership with Streamex strengthens its role in powering real-world asset tokenization.

Chainlink (LINK) is showing a neutral-to-cautiously bullish setup on the weekly chart, hovering near $17.87. According to analyst Michaël van de Poppe, LINK is preparing for a possible 150% to 200% rally against Bitcoin within the next few months, signaling a potential trend reversal.

The 20-week simple moving average (SMA) sits at $19.61, forming a mid-range barrier. Bollinger Bands show the upper limit near $27.56 and the lower band at $11.66. Price action remains under the 20-week SMA, keeping the tone slightly bearish until a clear breakout occurs.

From a structural perspective, LINK’s recent high at $27.87, followed by a pullback to current levels, suggests a standard retracement phase within a larger uptrend that began in 2023. 

For bulls to regain control, a close above $19.6 is necessary. A drop below $16.9, however, could tilt the momentum toward further downside targets around $11.6 and $10.1.

Technical Indicators Show Neutral Momentum in LINK

The weekly Relative Strength Index is 47, indicating a neutral position without extreme levels. The MACD histogram is seen to have turned red and is moving lower in value. The Money Flow Index of 56 still displays a mild influx of capital.

The Fibonacci levels provide important points for traders to monitor. The 38.2% level is at $16.90, while the 50% level is around $18.99. The current market level between these two points is generally a “decision” area where a bounce and a break can determine a market trend.

The first level to break above is between $19.6 and $20.0. Above that, it can go to $21 and then to $27.9.

Overall, from a technological perspective, it seems that LINK is consolidating in preparation for its next big move. Market observers are keen to see if there will be a decisive weekly break above $20.

Chainlink Expands Ecosystem with Streamex Partnership

Together with technological advancements in Chainlink, its ecosystem is growing. Streamex, a tokenization solutions provider listed on Nasdaq, has partnered with Chainlink as its adopted oracle and transparency solution on-chain.

The tie-up enables Chainlink’s Cross-Chain Interoperability Protocol (CCIP) on Base and Solana to connect Chainlink and transfer Streamex’s gold-backed stable coin GLDY between chains.

The impingement of Chainlink’s Proof of Reserve and Price Feeds on Streamex enables real-time on-chain verification of its gold reserves.

This step solidifies Chainlink’s status as a fundamental infrastructure for all that is right in blockchain, in a critical role as a vital fundamental layer for Chainlink’s value fundamentals.

Also Read: Chainlink Eyes Major $35 Breakout After $188 Million Whale Accumulation