Chainlink (LINK) Faces Critical Technical Test Amid ETF Launch and Cross-Chain Expansion

The price of Chainlink (LINK) is at a pivotal technical juncture, with analysts highlighting key resistance and support levels that will determine its next major directional move. Crypto analyst CryptoWzrd noted that despite a slightly bearish daily candle close, the overall structure remains constructive as LINK pushes toward the crucial $16.00 resistance level. The analyst emphasized that a retest of the $13.50 support or a decisive break above the $15.20 resistance will be the critical trigger for the next significant trade setup.

LINK is currently testing its daily lower-high trendline on the LINK/BTC pair. A series of bullish candles from this zone would signal strong buyer re-entry, potentially spilling over into LINK/USD and triggering an impulsive rally. A clean breakout above $16 could open the path toward the next major hurdle at $20. On the downside, the $12 level is identified as primary support; a daily close below this would weaken the bullish structure and signal a deeper correction.

The analysis comes amidst a volatile period for LINK, driven by fundamental developments. The price recently surged to $14.84 before dropping to $11.79, and has since rebounded to hover around $14.1, posting a nearly 5% weekly gain. This recovery is supported by two major catalysts: the launch of Grayscale's Chainlink ETF (GLNK) on NYSE Arca, providing a rare institution-focused investment product, and the official rollout of a new bridge connecting Solana and Base, developed in partnership with Coinbase.

These developments strengthen the narrative of growing institutional interest and expanding cross-chain infrastructure for Chainlink. The bullish outlook hinges on LINK breaking and holding above the $14.6 level with volume, which could spark a run toward $18.3 to $19.3. Conversely, the bearish scenario warns that a break below the key $11.6 support could lead to a drop toward the $9 zone.