- Chainlink forms a symmetrical triangle with key resistance at $25 and support near $22.
- Whales acquire 2M LINK as exchange balances hit lowest levels since 2022, signaling supply squeeze.
- Ecosystem growth with Polymarket and DualMint partnerships supports a bullish case beyond $25 breakout.
Chainlink (LINK) is trading near $23, consolidating within a symmetrical triangle pattern as traders await a decisive breakout. Analysts report that surpassing the $25 mark could put LINK on track toward $30, supported by technical structures, whale accumulation, and expanding ecosystem developments.
Technical Outlook and Market Structure
Ali Charts noted that Chainlink has formed a symmetrical triangle on the 12-hour timeframe. The price has repeatedly tested resistance near $24.90, while support levels remain at $22.28 and $20.63. This tightening structure indicates reduced volatility ahead of a potential sharp move.
Fibonacci retracement levels outline the technical roadmap. The 0.382 retracement aligns with $23.28, the 0.5 level stands near $24.09, and the 0.618 level is positioned around $26.17. Higher projections are marked at $27.84, $29.12, and $31.30 if $25 resistance is broken.
At the time of writing, LINK trades at $23.53, reflecting a weekly decline of nearly 6% and an additional 3% loss over the last 24 hours. Average daily trading volume has dropped by 15%, signaling reduced short-term activity during consolidation.
Whale Accumulation and Supply Dynamics
On-chain reports confirm that whales acquired nearly 2 million LINK in the past 48 hours. Exchange balances have reached their lowest level since 2022, showing reduced available supply. Long-term wallets are absorbing tokens, suggesting fewer assets are circulating on exchanges.
Mr. Ape stated that LINK seems the most undervalued asset in crypto. Balances on exchanges just hit their lowest since 2022, and holders aren’t selling. A potential supply squeeze could be brewing. He added that Chainlink’s setup is ready for an upside breakout with targets at $47.15 and $88.26.
Chainlink’s ecosystem is expanding with new partnerships. Polymarket has integrated its data standard to strengthen prediction market accuracy, while DualMint has partnered with Chainlink to tokenize real-world assets for small businesses. Together, whale accumulation and growing integrations reinforce the case for higher valuations if resistance at $25 is cleared.
