Chainlink price is starting to show strength again after a mild pullback. At writing, LINK trades around $24.7 on Coinbase and is holding firm after a steady climb.
Veteran trader Matthew Dixon shared a fresh 4H chart and pointed out that while LINK corrected from its recent high, the setup still suggests a retest of that key level near $27.8 in the days ahead.
What you'll learn 👉
LINK Chart Signals a Possible Retest
The chart highlights $27.8 as the zone to watch. LINK price was trending from roughly $17 up to close to $28 in August before it took a breather. The price action has since been soft but bullish, and the token is underpinned between $22 and $23.
The latest rebound from that area shows buyers are still active, absorbing sell pressure and keeping the trend intact.
Dixon further states that risk/reward is less favorable compared to the initial phases of the rally, but he still believes that a retest of that recent high is in the cards.
A neat close above $27.8 would confirm bullish momentum and lay the ground for a psychological target of $30, but a failure there could cause more range-bound trading. On the downside, $23 now stands out as first support, followed by $21 if selling accelerates.
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Fundamentals Add to the Bullish Case
Behind the chart, Chainlink’s fundamentals remain strong. The network continues to dominate the oracle space, which delivers off-chain data to blockchains and decentralized apps.
Increasing usage of Cross-Chain Interoperability Protocol (CCIP) facilitates different blockchains to exchange information and value. Big DeFi platforms, stablecoin initiatives, and even conventional finance initiatives are dependent on Chainlink data feeds.
This steady growth gives LINK long-term demand that supports the technical picture. As more assets and real-world data are tokenized and moved on-chain, Chainlink’s role as a secure data layer only becomes more critical.
Chainlink Price Short-Term Outlook
For short-term traders, the key level is the $27.8 resistance level. Breaking above this should comfortably take LINK up towards $30 and beyond if momentum keeps on growing.
If the LINK price drops below $23, however, it may mean the buyers are taking a breather, and $21 is the next logical space to test.
Overall, Dixon sees the structure leaning bullish. As long as the broader crypto market stays calm, Chainlink looks ready to make another run at $27, and possibly chart new highs beyond that level.
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