Chainlink Shows Potential to Break $17.46 Resistance Amid Rising Volume and Institutional Interest

• Chainlink (LINK) has surged past the critical $17.46 resistance level, signaling renewed bullish momentum backed by rising trading volume and robust on-chain activity.

• Institutional adoption and a significant decline in exchange reserves further bolster LINK’s potential to reach higher price targets of $22 and $28.

• According to COINOTAG sources, the combination of technical breakout patterns and growing network engagement underscores a strong foundation for sustained upward movement.

Chainlink breaks key resistance with rising volume and institutional support, aiming for $22 and $28 as on-chain metrics and exchange data confirm bullish momentum.

Chainlink Price Breakout Signals Targets at $22 and $28

Chainlink’s recent price action demonstrates a decisive breakout from a prolonged accumulation phase between $14 and $17.46. This breakout is accompanied by a marked increase in trading volume, indicating robust buyer interest and market confidence. The surge positions LINK to challenge the $22 resistance level, with potential to extend gains toward $28. Market analyst Ali Martinez highlights this momentum, emphasizing that the current structure and volume dynamics support a sustained upward trajectory.

On-Chain Metrics Reflect Growing Network Engagement

On-chain data reveals a significant uptick in Chainlink’s network activity, with daily active addresses rising by 55.97% and new addresses increasing by 21.21% over the past week. These metrics suggest heightened user participation and demand, which often precede price appreciation. Additionally, a 13% increase in LINK futures open interest, nearing $1 billion, points to expanding trader involvement and confidence in LINK’s near-term prospects.

Institutional Adoption and Exchange Reserve Trends Reinforce Bullish Outlook

Institutional interest in Chainlink continues to grow, exemplified by JPMorgan’s use of Chainlink’s Cross-Chain Interoperability Protocol (CCIP) to execute a cross-chain transaction. This milestone underscores LINK’s expanding role in decentralized finance infrastructure. Concurrently, LINK’s exchange reserves have dropped to historic lows, indicating strong holding behavior among investors and reduced selling pressure. The inclusion of LINK in the U.S. SEC Crypto Task Force further validates its increasing regulatory engagement and institutional credibility.

Technical Patterns Suggest Potential for Further Gains

Technically, LINK is forming a multi-year ascending wedge pattern, a structure often associated with significant price movements. Analysts suggest that if this pattern holds, LINK could enter a powerful rally phase, potentially reaching or surpassing the $28 mark. Crypto analyst More Crypto Online notes that LINK may be entering wave 3 of an Elliott Wave cycle, typically the most aggressive phase of price appreciation, reinforcing the bullish sentiment.

Conclusion

Chainlink’s breakout above $17.46, supported by rising volume, on-chain activity, and institutional adoption, sets the stage for a potential advance toward $22 and $28. The convergence of technical signals and fundamental developments provides a strong foundation for continued upward momentum. Investors should monitor these key levels and on-chain metrics as indicators of sustained strength in LINK’s price trajectory.