LINK Outperforms Market With 42% Weekly Surge
Chainlink (LINK) has continued its impressive rally, climbing to $24.20 after a week of strong bullish momentum powered by the recent Chainlink Reserve initiative and a strategic partnership with ICE. The token’s 42% weekly gain marks the largest advance among the top 50 cryptocurrencies by market capitalization.
On the 4-hour chart, LINK broke decisively above the $21.00 resistance zone, a key green-highlighted area that had capped upside moves earlier this month. The breakout came with a noticeable spike in trading volumes, confirming heightened market participation and reinforcing bullish sentiment.
Earlier in the summer, LINK traded within a descending channel, posting lower highs and lower lows until a breakout in late June shifted the trend. That reversal gained pace in early August, with price reclaiming the $16.00–$17.00 accumulation zone (orange band) and accelerating higher toward multi-month highs.
Now, immediate support is established at $21.00–$20.50, the former resistance that has turned into a potential base for further advances. A failure to hold this level could see a retracement toward $16.50, though the current momentum suggests buyers remain in firm control.
The next major upside target lies near $26.50–$27.00, an area of prior distribution marked in red on the chart. Clearing this zone could open the door to fresh highs, while a rejection may prompt consolidation before another attempt.
“Volume trends suggest that institutional interest is building alongside retail enthusiasm,” According to BITX analyst. “If LINK holds above $21, the path toward $27 becomes increasingly likely.”
With partnership-driven fundamentals, a clear technical breakout, and top-tier market performance, Chainlink is positioned for potentially extended upside. Traders will be watching closely to see if this momentum carries through resistance or pauses for a healthy consolidation before the next leg up.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.