Chainlink Breaks Out of Descending Trendline, Eyes $20 Target
Chainlink has broken out of a descending trendline that had capped its price on the daily chart since earlier this year. The coin is now trading nearly 35% above the breakout zone, with institutions showing interest through steady inflows into Chainlink products.
The setup on the chart, combined with fresh money flowing into Chainlink products, makes this a big moment for LINK. According to CoinGlass live market data, spot Chainlink ETFs have just clocked a four-day net inflow streak, their first since April.
Short-side liquidations have dominated every window over the past 24 hours, with long-side liquidations being negligible. This consistent pattern suggests that short sellers are getting squeezed repeatedly as LINK pushed higher.
The next levels to watch for Chainlink are $14.992 and then $16.781, both marked off old swing highs on the chart. If broader market sentiment stays fully bullish, $20 comes into view as an extended target.