Chainlink (LINK) price rose above $16 on May 23 and now it is moving toward a key resistance level. Due to a rise in RWA activity and technical factors improving, analysts believe $19.50 is the next key resistance level to watch.
Chainlink Price Tests Trendline With Bullish Momentum
Chainlink price is pushing against a descending trendline that has capped price action since late 2023. A strong daily close was recorded, and experts are awaiting a breakout over $17.20 to send prices toward $19.50.
According to CRYPTOWZRD, the asset ended the day following a bullish pattern by confirming the lower-high structure. A follow-through candle could confirm a trend reversal. The chart pattern indicates that price bottoms have been higher since April, indicating growing support.
World of Charts also underlined a bullish move that found resistance at the prior support level for Chainlink price. Should the breakout be maintained, the next area of resistance is at $22.00. Furthermore, $30.00 has been highlighted as a long-term goal due to previous trading trends.
Technical Indicators support the Chainlink price action. The RSI is rising but remains below overbought conditions. The MACD is showing positive divergence, and the 20-day EMA is now above the 50-day EMA.
Development Activity Confirms Chainlink’s Network Growth
Chainlink led the way in developing RWA over the past 30 days, according to Santiment data. The project recorded more contributions and commits on GitHub than Avalanche, Stellar, IOTA and Injective.
This leadership can be seen in the long-term progress made on the Cross-Chain Interoperability Protocol (CCIP) and Proof of Reserve. They are mainly built to assist with transferring tokens and integrating assets that reside outside the blockchain.
Frequent contributions by developers may show that the project is healthy and will add lasting value to the network. Due to this positive momentum, Chainlink remains significant for both crypto and enterprise systems.
RWA protocols are gaining importance and Chainlink oracle systems are still at the heart of this change. With financial institutions starting to use tokenized products, oracles are vital for obtaining pricing data and linking different chains.
LINK Price Technical Structure Supports $19.50 Target
From a technical standpoint, LINK price has recovered from the $12.50 low and broken out of a falling wedge. The market is currently consolidating near resistance, and volatility is narrowing.
Chainlink price crossing $17.20 will confirm the pattern and set the stage for a move toward $19.50. More so, LINK price $16.00 zone has served as a key near-term support level, with bullish momentum holding as long as the altcoin remains above it. If a daily candle closes above the trendline, the next resistance targets are $22.00 and $30.00.
Concurrently, the Chainlink price MACD remains positive, with the moving averages continuing to trend upward. As long as the Chainlink price stays above $14.80, technical indicators suggest the current uptrend could persist.
Chainlink Price Prediction
At the time of writing, LINK price position reflects an alignment between its pricing structure and the development of its network. The strength of the breakout is boosted by the positive setup and top activity of the RWA indicator.
Moreover, support remains well defined. The structure should remain stable as long as Chainlink price is in the $16.00–$16.20 range. A drop below this level might lead to a delay in new LINK price highs.
Chainlink’s development and a positive technical setting have helped it secure a strong position among the big altcoins. Despite recent volatility, the top altcoin was trading at $16.07, above the key support level at press time. This suggests that bullish sentiment remains intact as long as the altcoin holds above this threshold.
