Chainlink ($LINK) has jumped over 15% in the last 24 hours to reach $17 for the first time since April 2022. Santiment reported that some previously dormant Chainlink wallets recently saw a massive spike in age consumed activity, signaling renewed interest. They note that this influx of LINK back into circulation likely contributed to the price jump.
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Santiment also highlighted recent minor LINK wallet liquidations, often a sign of fear that can further fuel price rises when assets change hands. Given these on-chain trends evidencing growing network usage and token circulation, Santiment suggests $LINK could rebound to $20 and higher.
What To Watch For Next
From a technical analysis perspective, the price recently broke out above the high end of a multi-month range trade between $12.9 and $16.9. After an 11% spike yesterday to close at $17 conclusively, the first test will be if $LINK can stay above this psychologically important level not reached since its 2022 high.
The next major upside resistance sits around $18 where the price is facing some rejection currently. Breaking through $18 could open the door to $18.8 and then $20 as the next test.
Bulls will also anticipate a potential retest of the initially broken resistance now turned support around $16.9 where the initial breakout occurred. This would offer a springboard for the next leg higher.
With fundamentals and technicals aligning positively, analysts remain firmly bullish on further upside for Chainlink following its sustained breakout. Santiment suggests that if current positive network and circulation trends continue, $LINK could rebound to $20 and potentially well beyond.
The technical picture also supports the price crossing $20 if it can break through the next resistance level around $18. The bullish breakout appears to just be starting its run as LINK reaches levels not seen since the 2022 top.
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