- ChainLink consolidates 639 days below $28 in an ascending channel, with breakout seen as imminent.
- LINK trading at $25 with $17B market cap, analysts eye $30 breakout toward $32 and $52 targets.
- On-chain wallet activity surges while new services like Data Streams and Chainlink Reserve expand network use.
ChainLink (LINK) has recorded one of the most consistent structures in the market. The token has been consolidating for 639 days below the $24 to $28 major supply zone while forming an ascending channel. The monthly timeframe suggests that a breakout is imminent as LINK approaches overhead resistance. At the time of writing, LINK was trading at $25.
Price Action and Long-Term Pattern
According to analysis prepared by Alex Clay via X, ChainLink has been trading in an upward channel since mid-2022. Prices have consistently formed higher lows, while the EMA 50 has trended upward below the structure, confirming market strength.
Between 2020 and 2021, LINK surged strongly until sellers rejected prices near the supply zone. After declines in 2021, LINK found a bottom near $5 in late 2022 and began a steady upward move. Price recently tested the lower channel band before regaining momentum toward the $21.48 level and beyond.
Market data shows LINK recorded a 24-hour trading volume of $2.32 billion with capitalization at $17.01 billion, according to Coingecko. Analysts indicate that a clean break above $30 could open space for further gains toward $32 and $52 targets in the long run.
On-Chain Growth and Network Expansion
According to Santiment data, ChainLink recorded a surge in wallet activity in August. More than 9,813 unique wallets transacted in one day, followed by 9,625 new wallet creations the next day. This level of address activity marks a peak for the year.
Alongside user growth, the ChainLink network has expanded its services. Its Data Streams now provide real-time equity and ETF feeds, including AAPL, QQQ, and NVDA. In addition, the introduction of the Chainlink Reserve is aimed at enhancing token utility and supporting network stability.
According to an observation by Cantonese Cat, LINK recently broke above a Gann arc on the weekly timeframe. While the token faces resistance near the angle, the breakout above the arc is seen as a positive structural development for the market outlook.
