Chainlink Gears Up for Bullish Rally as Price Eyes $31 Target After Rebound

Analysts expect a potential breakout above $23, targeting $30–$31 if momentum sustains. With support at $21–$20.50 and resistance at $24.75, its structure signals renewed accumulation and a possible bullish continuation in the coming days.

Chainlink is displaying a bullish structure on the 12-hour chart, as noted by analyst Clifton Fx. The chart pattern shows a falling wedge, a technical formation that often precedes a trend reversal. The token is currently approaching the upper boundary of the wedge, suggesting that buyers are preparing for an upside breakout.

LINKUSDT Chart | Source:x

Clifton stated that an upward breakout from the wedge could trigger a strong rally in the days ahead. The projected move indicates a 38% potential rise, targeting the $30–$31 range. This projection aligns with the measured technical target from the wedge pattern, pointing to renewed market interest if momentum continues to build.

The price action shows prolonged consolidation with signs of accumulation around lower levels. Market compression within the wedge structure reflects decreasing volatility as bulls gradually gain strength. A sustained close above the descending resistance trendline near $23 could confirm the breakout pattern and signal a continuation of the uptrend.

If the breakout occurs, the token could experience a shift in momentum toward higher resistance zones. Historical trading data suggests that such breakouts often lead to sharp price expansions, as short-term traders cover positions and new buyers enter the market. Maintaining stability above $21 will remain critical for confirming bullish control in the short term.

Analyst CW identified a crucial resistance level around $24.75, marking the next potential sell wall. The price has recently rebounded from the $21.50 support zone and is trading near $22.84, indicating renewed upward pressure.

LINKUSDT Chart | Source:x

Volume data shows increasing accumulation near the $21 support region, reinforcing the presence of strong demand. If the chainlink successfully closes above $23.20, it could retest the $24.75 area. Clearing this zone may open the path toward higher resistance around $26, validating the bullish outlook observed across multiple timeframes.

Chainlink is currently trading around $22.40, marking a modest 0.98% gain in the last 24 hours. The 24-hour chart displays steady buying activity, followed by minor profit-taking near session highs. Market capitalization stands at $15.19 billion, supported by $656 million in daily trading volume, indicating active participation from traders.

LINKUSD 24-Hr Chart | Source: BraveNewCoin

The intraday structure shows that the link has maintained higher lows since the start of the session, signaling an ongoing shift in market sentiment. A successful retest and close above $23.00 could set the stage for a push toward $24.50. Conversely, if the price fails to sustain above $22.00, a short-term retracement to the $21.50–$20.50 zone could occur before the next recovery attempt.