After a volatile start to October, Chainlink 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 came from Washington, where Chainlink’s co-founder participated in a U.S. Senate discussion on blockchain policy. The move sparked optimism that clearer crypto regulations could benefit established networks like Chainlink. Meanwhile, on-chain data shows whale wallets have withdrawn more than $15 million worth of LINK from exchanges in just a week. Add to that a clean technical rebound, and the current rally starts to make sense.
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. The MACD remains negative at -1.41, but the fading red histogram shows weakening bearish momentum. In other words, buyers are slowly regaining control.
A decisive close above $20.16 could confirm a trend reversal, 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 above $1.09 billion in the last 24 hours gives this breakout some weight, signaling real conviction behind the move.
It depends on whether LINK can close above $20. A confirmed breakout would suggest sustained bullish strength.
Regulatory optimism, whale accumulation, and a technical breakout are the main drivers.
If momentum holds, LINK could test $20.16 and then aim for $23.31 in the coming sessions.
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