Chainlink (LINK) Price: Bulls Take Control as Multi-Month Resistance Finally Breaks

TLDR

Chainlink price broke above a descending trendline that acted as resistance since late 2024 Bullish pennant formation suggests potential 135% rally targeting $30-40 range LINK currently trades at $15.21 with immediate resistance at $16.00 Development activity ranks second among all crypto projects on GitHub Sentiment divergence shows price holding firm despite negative market mood

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Chainlink price has broken out of a multi-month consolidation pattern. The token confirmed a breakout above a key descending trendline that had capped rallies since its 2024 peak near $30.

Chainlink (LINK) Price

LINK currently trades at $15.21 after gaining 7.7% in recent sessions. The breakout represents a structural shift from the bearish trend that dominated price action for months.

Technical analyst CryptoWZRD noted that the trendline had rejected multiple rally attempts in March and May. The recent break above this resistance level has been tested on several consecutive days with candle closes above the line.

The daily chart reveals a bullish pennant formation that developed over several weeks. This continuation pattern typically signals further upward movement after a breakout occurs.

Crypto Avi highlighted the pennant’s measured move projects LINK price targets in the $30 to $40 range. This would represent a 135% gain from current levels if the pattern plays out as expected.

$LINK Try to Breakout of Bullish Pennant pattern in the daily Timeframe , Expecting 2x Rally Incoming Days.📈📈📈#Chainlink #linkusdt #crypto pic.twitter.com/l1G8sFbNJG

— Crypto Avi (@crypto_tech_avi) June 11, 2025

Volume data supports the technical setup. The pennant formed on declining volume during consolidation before spiking on the breakout. This volume pattern validates fresh buying interest entering the market.

Key Resistance Levels Ahead

LINK faces immediate resistance at $16.00. This level has capped two recent rally attempts and represents the first major hurdle for continued upward movement.

Source: TradingView

A daily close above $16.00 would open the path toward $19.50. This level served as a key supply zone and high-volume node on historical charts.

The RSI currently sits around 52 on the daily timeframe. This reading allows room for further upside without indicating overbought conditions that might trigger selling pressure.

Support has established between $13.00 and $12.50. This range provided demand in May and now serves as the new floor for any potential pullbacks.

Development Activity Supports Price Action

Chainlink ranks second in GitHub development activity among all cryptocurrency projects. The metric includes commits, pull requests, and repository contributions over the past 30 days.

This development surge coincides with increased rollout of Chainlink’s data feeds, CCIP, and oracle integrations. The network expansion supports the infrastructure token’s real-world utility case.

LINK outpaced Ethereum’s performance with a 7.7% gain compared to ETH’s 6.3% during the same trading session on June 11. This relative strength suggests growing investor interest in the oracle network.

Santiment data shows stable developer activity with increasing build cycles. Green trend lines indicate sustained network growth and active protocol development.

Source: Santiment

The combination of technical breakout and fundamental development creates a bullish narrative. Infrastructure tokens with proven utility often see sustained price appreciation during breakout phases.

Market Sentiment Creates Divergence

Despite the price breakout, sentiment scores remain negative. Analyst Bebo reported LINK’s sentiment score at -0.39, indicating predominantly bearish market mood.

This sentiment divergence often signals hidden accumulation. When prices hold firm or advance despite negative sentiment, it suggests stronger hands are absorbing selling pressure.

Trading volume reached $548.2 million during recent sessions. The high volume paired with upward price movement validates the breakout’s legitimacy and buyer commitment.

The weekly chart shows LINK gaining 6.12% for the period ending June 12. Multiple weeks of consolidation appear to have formed a base for the current advance.

MACD indicators remain below zero but show fading bearish momentum. The histogram prints lighter red bars near zero, suggesting a potential bullish crossover may develop.

Chaikin Money Flow sits at -0.11, reflecting mild selling pressure. However, the indicator is flattening, which suggests distribution may be slowing as accumulation takes over.

The convergence of technical breakout, development activity, and sentiment divergence creates multiple supporting factors for continued upward movement toward the $30-40 target zone.

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