Chainlink Price Surges 2% to $14.14, Bullish Momentum Builds

Chainlink (LINK) has garnered significant attention as its price surged above key resistance levels, indicating a potential bullish trend. The recent technical patterns suggest a possible continuation toward the $16.00 mark, supported by momentum on both USD and BTC trading pairs. Notably, Chainlink's price breakout from an ascending channel has raised expectations of further upside. On the 2-hour chart, LINK decisively moved through upper channel resistance near $13.90 and is now trading around $14.14. This breakout was accompanied by higher trading volumes, which is a positive sign for bullish momentum.

Technical projections indicate that Chainlink's price may surge toward the $15.70–$16.00 zone. This aligns with historical resistance levels observed in April. The top altcoin has remained confined in a small range over the past few days, and the ascending channel has worked as a continuation pattern previously. As a result, a breakout of the trend adds weight to the possibility of a rally. Chainlink price channel support between $13.30 and $13.60 has been tested several times and has remained intact, confirming the reliability of this pattern through price action.

Another analyst noted that the $14.40 resistance zone represents a crucial level. A close above $14.40 would place Chainlink in bullish territory, increasing the likelihood of a push toward $16.00 and above. The daily technical outlook showed that LINK ended the previous daily candle on a strong note, pointing to a continuation of subsequent moves provided Chainlink price held onto its gains above the $14.40 mark. This level has been a rejection point in several prior sessions, indicating strength in the immediate trend. The intraday chart showed consolidation near this threshold, implying the market is waiting for confirmation before initiating new positions.

In addition to Chainlink's price movement on USD pairs, the LINKBTC chart has shown a breakout above a long-term descending trend line. This trend line had previously limited LINK's performance against Bitcoin over the past months. A clear break above it may indicate improved relative strength. The LINKBTC pair closed bullish after several months of lower highs, implying that the crypto is gaining market share over Bitcoin. In the past, such activities in LINKBTC have been followed by prolonged rallies in LINKUSD. A continued rise in the LINKBTC pair would reinforce demand and help maintain the upward push in LINKUSD. It may signal that the altcoin is benefiting from renewed investor interest in altcoins, especially as Bitcoin dominance begins to stabilize. If the LINKBTC pair sustains above the trend line, the probability of the LINKUSD pair reaching $16.00 increases further.

Chainlink derivatives data indicated a 54% gain in volume to $982.58 million as well as an open interest gain of 14.50%. The long/short ratio in exchanges held levels higher than 1.0, indicating an increasing bullish sentiment of traders, particularly on Binance and OKX. Top trader metrics signaled greater long positioning: Binance had a ratio of 2.5199 in long/short accounts and 1.4742 in the position-based ratio. Liquidation was mostly short-biased with the wiping of 724.63K in the last 24 hours. This further fueled Chainlink price upward momentum towards the $16 level.