- LINK breaks $20 resistance with bullish engulfing candle pattern, targeting $28–$31 next.
- Trading volume jumps 144%, with strong spot and derivatives market participation.
- $29 and $46 identified as potential targets if momentum and liquidity remain strong.
Chainlink (LINK) is showing strong upward momentum on the daily timeframe as it forms a bullish engulfing candle pattern. Trading volume continues to rise alongside steady price gains, supporting the view that LINK may be preparing for a move toward the $30 mark.
Price Action and Key Resistance Levels
CryptoBull_360, a well known crypto analyst, reported that LINK broke above a descending trendline in early August 2025. The breakout occurred after a period of consolidation between $14 and $20 during June and July.
Current trading levels have surpassed the $20 resistance, and the market is now focusing on the next target zone between $28 and $31. LINK is currently priced at $23.70, marking an 11.88% gain in the past 24 hours.
Market capitalization stands at $16.07 billion, with trading volume reaching $2.77 billion in the same period, representing a 144.49% increase. The circulating supply is 678.09 million LINK, approximately 67.8% of the total supply of 1 billion tokens. Support remains near $10, which held during previous declines in January and April 2025.
Market Activity and Derivatives Data
According to data from CoinGlass, derivatives volume has grown 101.94% to $5.05 billion, while open interest has risen 24.79% to $1.48 billion. The 24-hour long/short ratio stands at 1.0396, with Binance accounts showing a ratio of 2.2436 and OKX at 1.52. Top traders on Binance record 2.4965 by accounts and 1.9968 by positions.
Liquidation data over the past 24 hours shows $8.89 million in total, with $7.58 million from shorts and $1.31 million from longs. This indicates short positions have been pressured by the upward price movement.
According to Ali Charts, the next projected targets for LINK stand at $29 and $46, provided momentum and volume remain strong. The current technical and market data suggest that LINK’s price movement is supported by both spot and derivatives market participation.
