- Chainlink eyes breakout as ETF momentum drives fresh trader interest.
- LINK price pushes higher with bullish signals and rising volume.
- Regulatory clarity boosts Chainlink’s outlook near key resistance level.
Chainlink (LINK) is drawing strong market attention following key regulatory developments and increased trading momentum. The cryptocurrency is approaching the $20 mark as optimism grows around ETF eligibility and recent digital asset policy signals from the U.S. government.
The White House’s July 31 Digital Asset Report highlighted interoperability protocols, including Chainlink’s Cross-Chain Interoperability Protocol (CCIP), which has become a central component in blockchain communication.
It has since become a core part of inter-chain communication between blockchains. This recognition has earned investor trust since regulatory clarity remains to be developed.
Since the recent announcement that the SEC intended to update the eligibility rule of ETFs, the marketplace has been playing its part by purchasing more. LINK experienced a 1.91 percent gain in a day and a weekly increase of 1.73 percent. There has been increased activity among traders, as the trading volume rose to $610.33 million.
At the moment, LINK is finding support above the $18 level and is a little below the 20-period Bollinger Band simple moving average of $18.05. The following resistance point is positioned at the approximately set point of $19.03, which is very close to the critical barrier of $19.17. Breaking above this zone would put the possibility of reaching $20.22.
Also Read: Ripple’s Top Lawyer Calls Trump’s Crypto Report a “Blueprint for Action” in SEC Fight
Resistance in Focus as Technical Indicators Show Bullish Alignment
The $17.64 level continues to act as immediate support, having repeatedly held during recent dips. The value of a stronger support base is further down at $15.83, which is stable in the medium-term.
The Relative Strength Index (RSI) has risen to 49.38, which signifies a constant growth of buyer interest. Besides, LINK’s acquisition of 7-day and 30-day simple moving averages at the values of $18.20 and $16.33 evidences a stronger conviction in the bullish construct as it recaptures the two simple moving averages to its advantage.
As the volume increases and the indicators continue to become more pronounced, market traders are now focusing on the resistance level near $19.17 as the price point likely to precipitate a wider rally. Bull pressure sustained at this point may further see LINK challenge the $20.22 level in the short term.
The positive momentum of Chainlink is supported by policy-motivated and renewed investor confidence. As ETF developments and protocol strength continue to shape sentiment, traders are closely watching for a confirmed breakout.
Also Read: XRP Set for Imminent Bullish Reversal? New Chart Pattern Ignites Hope
