After months of sideways movement and bearish pressure, Chainlink price may finally be preparing for a breakout. The price action shows some clear technical signs that LINK could be gearing up for a strong upward move. The question now is how far this momentum can take it, and the chart offers some compelling clues.
Chainlink spent the early part of 2025 moving lower inside a falling price channel. The LINK price dropped from about $34 in December 2024 to nearly $10 by April. During that time, it kept following the downtrend and didn’t show signs of a bounce.
Things shifted on May 8, when Chainlink finally broke out of the downward channel. That move caused a quick 25% jump from around $14 to above $18. However, the rally didn’t last. Instead of pushing higher, the price began moving sideways again and stayed stuck in a wide range from late February to mid-July.
LINK Token Retests and Bounces: Another Rally Ahead?
On July 17, Chainlink made a second important move. It broke out of the top of the consolidation range that had acted like a ceiling for months. The price pulled back slightly to retest the breakout level around $17, and the retest now appears to be holding.
This successful retest is a key technical signal. It shows that previous resistance has turned into support. If the structure holds, bulls may now have a clearer path to push LINK even higher.
Looking at the chart, there’s a projected target area drawn from the width of the previous consolidation. Based on that setup, the next major move could take the LINK price up by around 73%, reaching just above $31. This area also aligns closely with the highs Chainlink saw back in December 2024.
Can Chainlink Crypto Reach $30 Again?
A move to $30 would bring Chainlink back to its previous local high before the multi-month downtrend began. That level also marks the top of the larger descending structure from late 2024, which had acted as long-term resistance. A break and hold above that level would be a major shift for the LINK token, potentially putting Chainlink back into a full bullish trend.
Read Also: Can ONDO Token Reach $2 Again?
For now, though, the most important short-term level to watch is the support around $17. If that level continues to hold, the current breakout remains valid. If momentum picks up, the next major target could be the $30 to $32 zone.
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