Chainlink Remains Above $23 Support While Analysts Target $31 Breakout Point

Chainlink Market Analysis

• Current Price and Support Levels: Chainlink (LINK) is currently trading at approximately $24.95, maintaining a strong support level at $23. A breakout above the $31 resistance could lead to significant upward movement, targeting prices between $47 and $219 based on Elliott Wave analysis.

• Elliott Wave Structure: The analysis indicates that LINK has completed wave ii and is now entering wave iii. Fibonacci retracement levels suggest that the correction bottom was between $6.90 and $10.70, setting the stage for the current upward trend.

Price Targets and Market Capitalization

• Target Levels: The analysis identifies key extension levels, with $47.46 as the 100% target and $219.99 as the 200% target. Support zones at $13.28 and $17.36 have been crucial throughout the cycle, reinforcing the bullish outlook.

• Market Capitalization and Trading Volume: LINK's market capitalization is reported at $15.98 billion, with a 24-hour trading volume of $2.21 billion. Daily price action has shown volatility, with LINK fluctuating between $23.29 and $25.36.

Technical Indicators and Patterns

• Technical Analysis: LINK is consolidating near its 20-day simple moving average (SMA) of $24.18, with the 50-day SMA providing support at $20.24. The Relative Strength Index (RSI) is at 54.04, indicating potential for further growth before reaching overbought conditions.

• Chart Patterns: The daily chart reveals a cup-shaped structure formed between March and August, with current support around $22.90 and resistance near $26.90, aligning with the broader Elliott Wave count targeting $31.

Institutional Developments

• Growing Institutional Interest: Recent developments include Bitwise's filing to launch a spot LINK ETF and a partnership between the U.S. Department of Commerce and Chainlink to publish macroeconomic data on-chain. These factors have contributed to increased momentum in the market during August.