Chainlink is consolidating in a bullish trend, forming a descending wedge. Currently priced at 20.17 USD, a breakout above the resistance at 23.92 USD could lead to a rally towards 30 USD, contingent on market momentum.
Recent on-chain data shows an increase in active addresses by 0.86% and transaction counts by 0.88%, indicating heightened user engagement. This rising engagement is crucial for sustaining LINK’s potential upward Movement.
Market sentiment is strengthening as indicated by a 5.42% rise in open interest, reaching 724.59 million USD. This reflects increased trader confidence in LINK, suggesting a favorable outlook for future price movements.