Chainlink Holds Bullish Structure, Eyes $47 Breakout
Chainlink, a prominent blockchain technology company, consistently maintains its macro structure in the stock market today. It respects the yellow trendline resistance and keeps support within its bull market zone. The token is currently trading at $22.66, with a 0.37% gain in 24 hours, and a market capitalization of approximately $15.35 billion.
An impulsive breakout above the daily lower-high trendline would strengthen the bullish case for Chainlink across trading pairs on TradingView. If the token surpasses the $47 level, the long-term forecast suggests a potential bullish trend continuation. Clearing $47 would mark a decisive move, shifting the focus toward the $100 region where historical cycle highs are located.
The Elliott Wave structure suggests that Chainlink could drive toward the $47 level, which is the first major target before larger cycle projections can be considered. The next key resistance for Chainlink is near $23.50, with a potential extension toward the $25 zone before testing larger structural levels. Trading above $22, the token shows resilience with strong support and growing demand, reinforcing its bullish outlook and positioning it for potential cycle highs in the stock market.
A sustained move below $22 could trigger retests of lower supports mapped between $19 and $20. A Dragonfly Doji on the daily chart suggests potential bullish reversals, reinforced by the supportive market structure. Overall, Chainlink continues to consolidate within a constructive framework, with the path toward $47 remaining intact if price sustains above immediate supports in the stock market today.
