Chainlink (LINK) Holds Above $13 Amid Potential Upside Toward $20.22

Chainlink (LINK) continues to hold above $16.49 on August 7, 2025, maintaining strong support at the key $13 level and facing resistance at $17.64 and $20.22. Analysts note that as long as the $13 support remains intact, the price could follow an upward channel toward a potential target of $46 [1]. The price action has shown resilience, with repeated rebounds near $15.83 and $11.00, levels corresponding to key Fibonacci retracement levels [1].

According to market analysts, LINK recently faced resistance at $17.76, aligning with the 20-day simple moving average and upper Bollinger Band. A breakout above $17.64 could serve as a catalyst for further movement toward $20.22, representing the next major resistance level [1]. The recent 21% rally in July highlights the growing momentum in the market, and observers remain cautious but optimistic about the potential for continued upside [1].

In terms of on-chain activity, Chainlink’s protocol continues to demonstrate strong usage despite zero annualized revenue. Daily fees have reached nearly $20,000 in August, showing consistent growth since late 2023 [1]. There were notable spikes in fee generation between December 2024 and February 2025, with daily volumes exceeding $20,000 at times. Although there was a slight decline in March 2025, activity has remained robust, with volumes staying above $5,000 per day through August [1].

From a market perspective, Chainlink recorded a 2.4% increase in price over the past 24 hours, trading at $16.85 with a market capitalization of $11.42 billion. The 24-hour trading volume, however, fell by 13.81% to $373.3 million. The circulating supply of LINK is currently 678.09 million, and the RSI stands at 47.95, signaling a neutral stance with potential for upward movement if volume increases [1].

Despite the lack of revenue generation, the network’s growing fee structure and rising demand suggest that Chainlink remains a key player in the decentralized oracle space. As the market continues to monitor critical resistance and support levels, investors are advised to keep a close eye on $17.64 and $20.22, as these could define the next phase of price movement [1].

Source: [1] Chainlink (LINK) Maintains Key Support at $13, Eyes Potential Resistance Breakout Towards $20.22 August 7, 2025 (https://en.coinotag.com/chainlink-link-maintains-key-support-at-13-eyes-potential-resistance-breakout-towards-20-22/)