After a volatile start to October, Chainlink (LINK) has finally caught a strong bid. The token price surged 13.6% in the past 24 hours to trade around $18.82, marking one of its sharpest daily gains this month. This rally comes on the back of renewed optimism in the crypto market, fueled by a mix of regulatory progress, whale activity, and improving technical signals.
The first catalyst emerged from Washington, where Chainlink’s co-founder participated in a U.S. Senate discussion on blockchain policy. This move sparked optimism that clearer crypto regulations could benefit established networks like Chainlink.
Meanwhile, on-chain data reveals that whale wallets have withdrawn more than $15 million worth of LINK from exchanges in just one week. Combined with a clean technical rebound, these factors help explain the current rally.
**LINK Price Analysis**
On the chart, Chainlink price has broken out of a bearish head-and-shoulders pattern that had dominated since early October. The price bounced from the $14 crash low on October 10 to $18.76, reclaiming key moving averages.
The 20-day Bollinger midline at $18.38 is now acting as short-term support, while the 50-day EMA at $20.16 stands out as the next major resistance.
Momentum indicators are showing steady improvement. The RSI at 67.9 has recovered from an oversold 37.5 last week, suggesting fresh buying pressure. Although the MACD remains negative at -1.41, the fading red histogram indicates weakening bearish momentum. In other words, buyers are slowly regaining control.
A decisive close above $20.16 could confirm a trend reversal, potentially opening the door toward $23.31 and $25.58 targets. However, if LINK fails to sustain above $18.50, a short-term pullback toward $17.06 or $15.75 remains possible.
Trading volume exceeding $1.09 billion in the last 24 hours lends weight to this breakout, signaling real conviction behind the move.
https://coinpedia.org/price-analysis/chainlink-price-jumps-13-6-as-bulls-eye-20-breakout-after-key-rebound/
