Chainlink Surges 21.21% as Institutional Interest and On-Chain Activity Rise

Chainlink (LINK) has surged past the critical $17.46 resistance level, signaling renewed bullish momentum backed by rising trading volume and robust on-chain activity. This breakout from a prolonged accumulation phase between $14 and $17.46 is accompanied by a marked increase in trading volume, indicating robust buyer interest and market confidence. The surge positions LINK to challenge the $22 resistance level, with potential to extend gains toward $28. Market analyst Ali Martinez highlights this momentum, emphasizing that the current structure and volume dynamics support a sustained upward trajectory.

On-chain data reveals a significant uptick in Chainlink’s network activity, with daily active addresses rising by 55.97% and new addresses increasing by 21.21% over the past week. These metrics suggest heightened user participation and demand, which often precede price appreciation. Additionally, a 13% increase in LINK futures open interest, nearing $1 billion, points to expanding trader involvement and confidence in LINK’s near-term prospects.

Institutional interest in Chainlink continues to grow, exemplified by JPMorgan’s use of Chainlink’s Cross-Chain Interoperability Protocol (CCIP) to execute a cross-chain transaction. This milestone underscores LINK’s expanding role in decentralized finance infrastructure. Concurrently, LINK’s exchange reserves have dropped to historic lows, indicating strong holding behavior among investors and reduced selling pressure. The inclusion of LINK in the U.S. SEC Crypto Task Force further validates its increasing regulatory engagement and institutional credibility.

Technically, LINK is forming a multi-year ascending wedge pattern, a structure often associated with significant price movements. Analysts suggest that if this pattern holds, LINK could enter a powerful rally phase, potentially reaching or surpassing the $28 mark. Crypto analyst More Crypto Online notes that LINK may be entering wave 3 of an Elliott Wave cycle, typically the most aggressive phase of price appreciation, reinforcing the bullish sentiment.

Chainlink’s breakout above $17.46, supported by rising volume, on-chain activity, and institutional adoption, sets the stage for a potential advance toward $22 and $28. The convergence of technical signals and fundamental developments provides a strong foundation for continued upward momentum. Investors should monitor these key levels and on-chain metrics as indicators of sustained strength in LINK’s price trajectory.