Chainlink Holds $23 Support as Analysts Eye $31 Resistance Before a Push Toward $47

LINK holds $23 support with $31 resistance ahead; break could open a path toward $47.

Whale accumulation of 1.25M LINK and $1.84M outflows reduce supply, reinforcing stability.

Chainlink trades above its 50-day and 200-day SMAs, maintaining bullish structure within the rising channel.

Chainlink’s LINK token is drawing market attention as it maintains its structure within a key trading range. LINK might offer one of the cleanest structures in the sector right now. The token is currently trading at $22.52, with $23 acting as a crucial support level and $31 as the next resistance point. Market watchers suggest that a break above $31 could push LINK toward the $47 level and beyond.

Technical Structure and Market Levels

According to analysis prepared by More Crypto Online, LINK has respected the $23 support zone after rebounding from lower retracement areas. The token trades above both the 50-day simple moving average at $20.99 and the 200-day average at $16.07, showing strength in the broader trend

However, it is consolidating under the 20-day average at $24.28, suggesting a short-term pause. Fibonacci retracement levels place downside areas between $10.70 and $6.90, while broader support lies near $4.62

Upside projections mark potential targets at $47.46, $68.16, and $85.05. The Elliott Wave count identifies corrective phases but shows that LINK is still following a clean upward path. Traders point to $27.87 as a near-term resistance before the larger $31 barrier.

Market Activity and On-Chain Developments

According to an observation by Ali Charts, LINK has traded inside a rising channel since mid-2023, advancing from $13.15 toward the present range. Support zones are noted at $18.00 and $15.00, while a move above $27.00 could open targets at $34.00 and $44.00.

Source: AliCharts(X)

Whale accumulation has also supported LINK’s stability. Over the past two days, large holders bought 1.25 million tokens while exchange outflows reached $1.84 million. This reduction in circulating supply adds strength to the support structure

Trading volume stands near $1.55 billion in the past 24 hours, with spot market activity showing higher participation. According to analysts, LINK must clear the $31 resistance to confirm the next stage of expansion. A decisive break could extend toward the $47 level, keeping LINK in focus among traders looking for structured setups.

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