Chainlink Shows Potential to Break $17.46 Resistance Amid Rising Volume and Institutional Interest

Key Points

1. Chainlink has broken a key resistance level at $17.46, signaling potential upward movement toward $22 and $28.

2. On-chain data shows a 21.21% increase in network activity and a 13% rise in LINK futures open interest, nearing $1 billion.

3. JPMorgan utilized Chainlink’s Cross-Chain Interoperability Protocol (CCIP), highlighting institutional adoption and DeFi integration.

4. LINK’s exchange reserves have declined, indicating strong holding sentiment among investors and reduced selling pressure.

5. Technical analysis suggests LINK is forming a multi-year ascending wedge pattern, potentially leading to a strong rally phase.