Chainlink Price Surges on Trendline Support and Reserve Accumulation

Chainlink's price has been steadily increasing, supported by its ascending trendline and steady reserve accumulation from the Chainlink team. According to recent data, Chainlink's price is currently trading around $14.094, up 5.23% over the past 24 hours.

The Chainlink team recently announced that they accumulated 373,791 LINK worth more than $4.3 million in September, taking their total reserve holdings to 6,047,498 LINK. This steady growth of the protocol's own treasury position is a sign of confidence from the protocol side and has been supporting long-term holder sentiment.

The trendline setup for Chainlink looks constructive, with price carving higher lows since mid-September while riding a clean ascending trendline that has already been tested and held twice. The momentum reading on the chart currently sits near 69.33, which is not in extreme territory, consistent with a market that has room to run if the $15 level gives way.

The next major resistance level for Chainlink is at $21.469, which represents the next real supply zone on the chart. However, a confirmed close below $11.912 would mark a genuine trendline breakdown and put the near-term bias from bullish to defensive.