Chainlink Breaks $17.46 Resistance With Volume Surge, Here’s Why $22 and $28 Are Now in Focus

Chainlink breaks $17.46 resistance with rising volume, setting sights on $22 and $28 price levels.

On-chain metrics show 55.97% surge in active addresses, signaling growing network activity.

Institutional use and exchange reserves drop support LINK's momentum and long-term bullish trend.

Chainlink (LINK) appears ready to break out, with growing interest pushing the token past key resistance. Following months of consolidation, LINK has now crossed the $17.46 mark. At the time of writing, Chainlink was trading at $17.95, and momentum continues to build.

Price Action Points to $22 and $28 Targets

According to an analysis prepared by Ali Martinez, Chainlink has broken out of a long accumulation range between $14 and $17.46. Volume rose sharply during the move, signaling strong buyer interest. This price action marks LINK’s first major attempt to retest the $22 resistance zone in several months.

Martinez stated on X, “LINK looks ready to break out, with eyes on $22 and possibly extending to $28.” The structure of the breakout and sustained volume support this outlook. CoinGlass also reported a 13% rise in LINK futures open interest, nearing $1 billion, suggesting growing trader participation.

On-chain data shows increasing network activity. Daily active addresses rose 55.97%, while new addresses climbed 21.21% in the past week. These figures indicate rising demand and user interest across the Chainlink network.

Macro Adoption and Technical Signals Support Momentum

Beyond charts, institutional adoption has contributed to LINK’s upward move. According to Chainlink Labs, JPMorgan used its Cross-Chain Interoperability Protocol (CCIP) to facilitate a cross-chain transaction. This event, confirmed on July 17, added further validation to LINK's infrastructure role in tokenized finance.

At the same time, LINK reserves on exchanges dropped to an all-time low, according to Chainlink Revolution. A lower exchange supply often signals strong holding behavior, which can reduce sell pressure. LINK was also named to the U.S. SEC Crypto Task Force, reflecting its increasing engagement with regulators.

Source: MoreCryptoOnline(X)

On the technical side, LINK has formed a multi-year ascending wedge. If this pattern holds, analysts suggest price targets could extend toward $28 or even higher. Crypto analyst More Crypto Online mentioned that LINK may be entering wave 3 of an Elliott Wave cycle, which is typically the strongest rally phase.

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