Chainlink Price Approaches Critical Resistance Amid Bullish Setup

Chainlink's price has been on an upward trend, increasing by 12.99% in the past week according to CoinMarketCap. As of writing, LINK is trading at $14.69, down 3.51% from the previous day with a trading volume of $1.02 billion.

Analyst Crypto Patel highlighted that LINK's price had rallied around 120% from his previous range estimate of the $7-$8 accumulation area. He noted that LINK has regained its breakout pattern on a higher time frame, breaking through above its bullish order block formation.

The analyst outlined key support zones and potential upside targets after recent weekly gains, including targets at $18, $32, $50, and $100. A $200 figure represented the macro-level target level, with his demand zone positioned between $10.50 and $8.50.

Another analyst, More Crypto Online, mentioned a different Elliott Wave view on the LINK market structure. This analyst believes that the token is approaching the strong resistance, confined within a wide sideways range since the 2021 high. The dominant scenario is a larger one-two-wave scenario, with further upside possible with the five-wave advance from the June low.

Chainlink launched CCIP 2.0 on Monday, representing an important development in its cross-chain ecosystem. According to the press release, enterprises can now include custom verification checks beyond Chainlink's existing pool of 16 independent verifiers.