Chainlink (LINK) price prediction: Hold the key support at $23, may be bullish in the medium to long term to $45.

Despite a 3.3% fall over the past 7 days, Chainlink (LINK) has successfully held the key support level of $23, which is the neckline of a multi-year double bottom pattern formed since last March. If it maintains its current momentum, LINK may test the resistance level of $31, and if broken, could further rise to a target level of $45, representing a potential increase of nearly 92%. Recent collaboration with the U.S. Department of Commerce and developments in the real-world assets (RWA) space have become important catalysts for the price.

Price Performance and Market Data

LINK is currently priced at 23.37 USD, with a market cap of over 15.8 billion USD. Despite recent pullbacks, the token has risen 41% compared to last month and 114% from this year's low. Market analysis indicates that the 23 USD support is a key watershed for bulls and bears, and losing the 20 USD level could invalidate the bullish structure and open up downside potential.

Fundamental bullishness: Government cooperation and RWA layout drive long-term value

Chainlink recently received two major fundamental supports:

Cooperating with the U.S. Department of Commerce, becoming an official oracle service provider responsible for putting U.S. government macroeconomic data on the chain, significantly enhancing the project's credibility and visibility;

In partnership with Ondo Finance, launched Ondo Global Markets to promote the on-chain of over 100 tokenized US stocks and ETFs, further consolidating its leading position in the RWA field.

In addition, there are other notable developments at the end of August, such as the strategic cooperation reached with the Japanese financial group SBI Holdings, aimed at accelerating institutional adoption of digital assets. The two parties will collaborate to use Chainlink's Cross-Chain Interoperability Protocol (CCIP) to facilitate the trading of tokenized physical assets (such as real estate and bonds) across chains, ensuring secure transactions across any blockchain while maintaining compliance and privacy. Furthermore, both parties will focus on leveraging Chainlink CCIP for payment versus payment (PvP) settlement in foreign exchange and cross-border transactions, while utilizing Chainlink Proof of Reserve to provide transparent on-chain verification of stablecoin reserves.

In addition, Bitwise submitted the S-1 application document for the Bitwise Chainlink ETF to the SEC, joining the ranks of altcoin ETF competitors.

These collaborations are expected to attract more retail traders' attention and strengthen the long-term adoption prospects.

Technical Analysis: Double Bottom Pattern and Golden Cross Signal Support Bullish Expectations

(Source: TradingView)

The weekly chart shows that LINK has formed a large double bottom pattern since March last year, with the $23 level serving as the neckline support. This pattern usually indicates a trend reversal and strong upward momentum.

The 50-day simple moving average is still above the 200-day line, and the golden cross signal remains valid, indicating that bullish momentum has not been broken. If the price stabilizes above $23 and breaks through $31 (the neckline of the pattern), the next target level can be seen at $45.

Conclusion

Chainlink shows resilience with fundamental progress and technical support. 23 dollars is a key short-term support level; if it holds, it may challenge higher targets in the medium to long term. Investors should pay attention to the performance of this support area and changes in overall market sentiment, while also being wary of the deep correction risk that may arise if it falls below 20 dollars. On the news front, Chainlink continues to release positive updates, and with the ongoing growth of institutional adoption, the prospects for LINK are promising.