Chainlink (LINK) is defending a crucial support level near $16.15, forming a higher low pattern that signals potential bullish continuation toward $32 and $51 price targets.
Technical analysis reveals strong liquidity accumulation under $15 as LINK retests its 200-day Exponential Moving Average, historically a reliable rebound zone. Key indicators show stabilization signals with the Relative Strength Index (RSI) at 43.52 and MACD consolidation framing the 200-day EMA as pivotal support.
On-chain activity underscores institutional confidence, with whale addresses increasing LINK holdings by 13% since early July. This accumulation of 3.84 million LINK coincides with decreasing exchange supply, supporting long-term bullish fundamentals.
The bullish outlook is further validated by technical formations including an ascending broadening wedge pattern and Elliott Wave theory alignment. These patterns project sustained upward momentum toward the identified $32 and $51 targets while reinforcing $15 liquidity as a critical price floor.