- LINK confirms double bottom breakout above $17.17, signaling a bullish trend shift.
- Resistance at $18.50 remains key; a close above may open a path toward $20 and beyond.
- Whale accumulation and rising TVS at $52.3B support growing investor confidence in LINK.
Chainlink (LINK) has confirmed a bullish reversal after breaking out of a long-standing falling trendline and forming a double bottom above the $17.17 neckline. This technical shift follows months of price consolidation and signals growing strength in both market structure and on-chain metrics. At the time of writing, LINK was trading at $18.27.
Double Bottom Breakout Signals Reversal
According to analysis prepared by Tom Tucker, Chainlink completed a confirmed double bottom near $13.50, then surged past the $17.17 neckline. The breakout was accompanied by a strong increase in volume, which reached 31.64 million during the move. This marked the end of a descending channel that had been in place since February.
The current price is testing resistance at $18.50, which represents a key level for short-term traders. LINK also remains above its 50-day moving average, a positive signal in trend-following strategies. The RSI has moved back toward neutral, indicating a recovery from prior oversold conditions. Price structure remains intact, and any dip toward $17.50–$17.70 could provide a support zone for accumulation.
On-chain activity also reflects investor confidence. According to analyst Ali Martinez, Chainlink whales accumulated over 1.6 million LINK, valued at around $28 million, in the past two weeks. Such accumulation often suggests long-term positioning by large holders, especially during structural breakouts.
Market Participants Watch $18.50 and $20 Levels
LINK has been strong however, it is to be cautiously looked at in the short-term because the resistance at the price of around 18.50 has not been broken. A daily close above this level could confirm further upside toward the psychological $20 mark.
Price actually spiked to $19.75 on the breakout but dropped below it, making this area a near term area of resistance. Past history indicates that breakouts from descending wedges and double bottoms previously were headed to $26.
Support is now established at $17.17 and $16.50, with buyers likely to step in on dips. According to DefiLlama, Chainlink’s total value secured now exceeds $52.3 billion, reflecting sustained utility and growing adoption across decentralized finance platforms.
