Chainlink Eyes Breakout: Clearing $15.30 Resistance Could Push LINK Towards $17
29.04.2025 22:52
Chainlink (LINK) has formed an inverse head-and-shoulders pattern on the 4-hour chart, with the neckline at $15.30, coupled with a bullish EMA crossover as the 9 EMA crossed above the 21 EMA. This setup supports the idea that Chainlink is poised for a potential breakout following a period of sideways movement. On-chain metrics have shown encouraging signs, with increased transfer volume and rising active addresses, although a slight dip in total transaction count suggests temporary consolidation. Additionally, exchange data indicates mixed signals with declining reserves but a recent surge in netflows, hinting at near-term selling risks. Overall, the technical and on-chain signals point to a scenario where, if LINK decisively closes above the $15.30 resistance, the coin could rally towards the $17 mark.
The news presents a bullish outlook for LINK, with multiple positive technical signals—a clear inverse head-and-shoulders pattern and EMA crossover—suggesting that buyers are gaining control. On-chain activity improvements and rising active addresses further bolster the sentiment, despite short-term caution due to increased exchange deposits which could hint at selling pressure. In the short term, a decisive breakout above the $15.30 resistance level is crucial to validate the bullish setup. If this level is breached with strong volume, the coin is likely to experience an upward price movement towards $17. Long-term, sustained buyer interest and strong technical confirmation could underpin continued price appreciation, provided the current consolidation does not lead to a reversal.