• Chainlink exchanges at $16.62, considering breaking through over $16.70; its next target might reach $18.
• Crypto analysts note $13 support as key; recovering it could initiate a continued bounce into $46.
• Near-term resistance around $16.50 caps gains; downward wedge pattern favors bullish continuation if broken.

Chainlink is trading near $16.62 after gaining 4.05% in the last 24 hours. The price is consolidating between $15.40 and $16.20. Resistance is noted at $16.70, a key level for the next breakout attempt.

A descending wedge pattern favors the bullish trend of Chainlink. Analyst Satoshi Flipper believes that breaking above $16.70 could initiate an upward rally. The pattern frequently indicates great upward potential after periods of consolidation. Investors are optimistic about an imminent cost surge.

Analyst ThorTrades notes a market indicator divergence. Support at $15.40 holds, but long-term sentiment is under pressure from general economic trends. Resistance levels could delay upward movement, cautioning traders on potential volatility ahead.

Also Read: Chainlink Price Prediction: Can LINK Rally Toward $51 From Current Levels?

If bullish momentum persists, Chainlink might push toward $18. But a drop below $15.40 could signal bearish shifts. Traders must monitor these levels carefully to manage risk. The market’s next moves hinge on these critical price points.

Chainlink Support and Resistance Levels

Analyst Andrew Griffiths posted a 15-minute chart with a short entry strategy. The strategy includes going short at $16.477, right below $16.50. The stop loss is set tightly at $16.526, with around $16.10 as the target, creating a strong risk-reward ratio.

Technically, it turned down its highs around $16.80 and formed lower highs with declining volume, signaling fading buying pressure, bearish bias. The short entry of Griffiths matches the resistance around $16.50, reinforcing the hypothesis about an area price ceiling.

The $16.10 level represents a demand area. If pressure down continues, the market could go back here, lending even more credibility to the short trade. Traders should look at volume and price action confirmation before trading.

Chainlink Support Key Above $13 Level

Famous crypto analyst Ali Martinez shared on X that Chainlink’s trajectory to $46 holds. The crucial condition here is holding support over $13. This support has been essential for LINK’s current bounces.

Ali’s analysis reflects growing optimism in Chainlink’s long-term potential. Consistent support at $13 strengthens the bullish structure. If this level holds, momentum could push prices much higher.

Traders eye $46 as a realistic target if upward momentum continues. Sustained support zones and technical setups favor this outlook. However, failing to hold $13 could disrupt this trajectory.

Also Read: Chainlink Price Prediction 2025: Will LINK Reach $52.88 or Fall Below $15?