Chainlink maintains bullish structure while trading inside a rising parallel channel formed since late 2023.
The $13 level is a crucial technical zone and must hold to preserve the upward trend toward $46.
Price recently rejected the $18–$19 resistance zone but stays above key Fibonacci support levels.
Chainlink Brews Well above Market Support with Prices Staring Sight at Newer Marks
Chainlink (LINK) is in the bullish zone with prices going at 16.80 dollars as of August 6, 2025. Technical analysis in its current situation points at a price moving in ascending channel formation and the level of the price at 13 is a vital support level.
What Is Driving Chainlink’s Bullish Structure?
Since late 2023, Chainlink has respected a long-term ascending channel. This structure has served as a roadmap for both support and resistance interactions. Price is in the process of consolidation after it was met with resistance at the high territory of $18 to $19, a level that also coincides with the 0.236 Fibonacci retracement level against the high of $46.
The central role is played by the horizontal and Fibonacci support zone no. $13 found as the $13 level that maintains the trend. Abandoning an advance that keeps the price above this level technically qualifies the upward pattern. A bounce off this support would send LINK back to the middle of the channel at about $21, then resistance would be around $27-30.
Where Could the Price Go Next?
A tweet shared by @ali_charts noted that Chainlink “still has a clear path to $46 as long as the $13 support level holds strong.” This potential target coincides with the channel’s top and a Fibonacci extension of 1.272.
The optimistic price projection depends on maintaining strong buyer interest and holding above the $13 support. A breakdown below this level may signal weakness and trigger a deeper correction. However, with the channel structure still intact, the path toward $46 remains open.
When and Why This Price Action Matters
At present, LINK has gained 2.19% in the last 24 hours but shows a 6.93% decline over the past week. The 24-hour trading volume is $340,490,622, indicating active market participation.
Technical observers are watching the $13 level as a litmus test for future direction. If bulls defend this key support, it could provide the base for another upward movement within the channel. Traders remain cautious but attentive as LINK tests major levels.
