Chainlink (LINK) is gaining momentum as cryptocurrency enthusiasts are optimistic about utility tokens and decentralized finance (DeFi). New technical analysis and social media excitement indicate that the Chainlink price is about to break out, with $17 as the next key target.
This follows Bitcoin’s price breach $94,000 for the first time since early March and the total value of the crypto market topping $2.9 trillion.
Chainlink Price Momentum Gains Steam
The current price of Chainlink is $14.47, up 14.8 percent over the last week, despite falling 3.53 percent in the previous 24 hours. Its market capitalization is $9.47 billion, ranking #12 among all cryptocurrencies. The balanced performance shows growing confidence in LINK’s position in the DeFi ecosystem, particularly as it creates new partnerships in the United States.
As the team actively forges collaborations and develops its use case in the U.S., it aims to become the top Oracle solution in decentralized finance. The market is gradually taking note of this initiative.
Crypto trader and analyst Michaël van de Poppe agreed, tweeting that utility coins and DeFi projects will be his biggest bets for the next market cycle. He mentioned that Chainlink (LINK) has built out its ecosystem, and he believes it’s just a matter of time before the token catches up with that growth.
Michaël van de Poppe also added that this run “will likely be higher than the previous one,” suggesting the potential for the LINK price to surpass its previous highs if the overall market trends in its favor.
Meanwhile, technical analysis supports this bullish outlook. A recent chart shared by @nicucrypto indicates that if Chainlink can close a daily candle above $15.50, the next target is $17+. According to the chart, $15.50 serves as a critical resistance level, and breaking above it could open the door to further gains.
Technical Indicators Support Bullish Trend
The LINK/USDT chart on Central Charts shows bullish price action, but cautious optimism is advised. The Chainlink price is currently facing minor resistance at around $14.49, as suggested by the position of the Bollinger Bands and the 50-day SMA.
The MA 100 shows an upper resistance around $16.85. A breakout above these levels could result in significant upward momentum.
The chart shows that Chainlink opened at $15.00, reached a high of $15.08, and dipped to a low of $14.45 before closing at $14.53. The key resistance level is around $14.49, while support from the 50-day simple moving average (SMA 50) sits at $13.58.
If the Chainlink price pushes past $15.50, which is just 7.57 percent above the current level, and holds, the technical path to $17 and possibly beyond looks increasingly likely.
READ MORE: Trump’s Exclusive Dinner Announcement Causes TRUMP Token to Skyrocket by 70%
