Chainlink (LINK) is navigating a critical juncture, with its price consolidating above $24 amid growing on-chain activity. With bullish momentum building up, investors are keenly watching whether LINK can break past the $26.62 resistance and surge towards $30.
Chainlink Holds Strong Above $24
Despite recent pullbacks, Chainlink has maintained its dominance above the $24 mark. With the 20-day Exponential Moving Average (EMA) acting as a strong support level, LINK is showing resilience despite a series of bearish candles. The current market cap of $15.55 billion places Chainlink as the 11th largest cryptocurrency, solidifying its position as a leading DeFi asset.
Key Resistance Levels and Price Targets
The current price action indicates that Chainlink attempted to breach the $26.62 resistance but faced rejection, pulling back to the 20 EMA line near $23.90. If the bearish pressure persists, LINK could potentially retest the psychological support at $20 near the 100-day EMA.
However, a breakout above $26.62 could open doors for an ambitious run toward the 67.80% Fibonacci retracement level at $31.13. This would mark a crucial milestone in LINK’s recovery, potentially setting the stage for further gains.
On-Chain Activity Signals Growing Interest
One of the most promising signs for Chainlink is the surge in on-chain activity. Large transaction volumes have increased nearly threefold in recent days, soaring from $84.44 million on January 25 to a staggering $222.9 million on January 27. This surge suggests heightened whale activity and growing investor interest.
Additionally, daily active addresses have climbed from 3.91K to 5.31K, with new addresses increasing from 1.38K to 1.78K. This uptick in network activity signals rising demand and potential bullish momentum for LINK in the near term.
Bitcoin’s Stability and DeFi Revival
The broader crypto market conditions also play a significant role in LINK’s trajectory. With Bitcoin stabilizing above $102,000 and reclaiming a $2 trillion market capitalization, the DeFi sector is witnessing a gradual recovery. This macroeconomic stability could further bolster Chainlink’s bullish outlook.
Can LINK Hit $30 Soon?
Chainlink’s ability to break past the $26.62 resistance will be the key to determining its short-term price action. If LINK manages to gain bullish traction, a move toward $30 and beyond becomes increasingly feasible. However, failure to hold above critical support levels could trigger a retest of lower price ranges.
With growing transaction volumes, increasing active addresses, and a stable crypto market, Chainlink remains one of the most promising DeFi tokens to watch. Investors should keep a close eye on the $26.62 resistance as it will dictate whether LINK can achieve its next major price milestone.
