Chainlink (LINK) price is consolidating above the $23 mark, holding a bullish structure despite choppy market conditions. Recent on-chain data shows a steady decline in exchange reserves, suggesting accumulation by larger players—a positive signal for long-term momentum. However, the price is repeatedly facing rejection near the $24–$25 zone, creating a supply wall that must be broken for any sustained rally.
The current range is acting as a battleground between accumulation-driven demand and profit-taking at resistance. A strong breakout above $25, backed by volume, could open the door to a quick push toward $28 and eventually $30. Conversely, losing $22 support could trigger a deeper pullback toward $20 before bulls regain control.
Now the question arises: Can bulls flip $25 into a strong support or will profit-taking trigger a retest of $22 before the next major move?
The weekly price chart of Chainlink suggests the token is in a bullish trajectory and is facing some turbulence at a pivotal resistance. Following a decisive breakout from the double-bottom pattern, the bulls were unable to raise the levels above the resistance zone of $25.33 to $26.54. However, the rally has cleared the neckline of the pattern, keeping the bullish hopes alive. CMF is incremental, regardless of the interim pullbacks, validating a notable influx of liquidity.
Therefore, the Chainlink (LINK) price is believed to remain consolidated for a while, followed by a breakout. The volume has compressed to a large extent; hence, a slight change in the market sentiments may trigger a strong upswing. The bulls are currently in a standby mode, and once the price rises above the resistance zone, $30 could be the next pitstop.
These levels can be considered as a threshold, as a sustained rally above the range could push the LINK price to the resistance of the expanding rising channel close to $45, if the token secures $38.
