Chainlink (LINK) surged 6.5% in 24 hours, trading at $24.66.
The price rally follows the launch of Data Streams on Scroll platform.
Analysts expect LINK to target $26 to $27 if the current bullish momentum holds.
Chainlink is currently trading at $24.66, marking a 6.5% gain over the past 24 hours. This rally coincides with a broader surge in the cryptocurrency market, which saw its overall market capitalization increase by approximately 3%. The renewed buying pressure has fueled optimism among analysts, who anticipate that LINK may target the $26 to $27 resistance zone if the momentum continues.
The price action follows the of Chainlink Data Streams on Scroll, an Ethereum scaling solution powered by zero-knowledge proofs (zkEVM). This development allows developers on the platform access to low-latency market data, enhancing the creation of highly efficient decentralized applications (dApps). The integration aims to drive innovation in the DeFi sector by leveraging Chainlink’s decentralized infrastructure.
Bullish Patterns
LINK’s 24-hour trading volume has surged by 40%, reaching $794 million, underscoring growing market interest. With a current market capitalization of $15.75 billion, Chainlink ranks as the 11th largest cryptocurrency by market cap, according to CoinMarketCap.
On the technical front, LINK has formed higher lows on the 4-hour chart, suggesting that a potential sustained uptrend could arrive soon. The token started its rebound from a critical support zone between $21 and $22 in the middle of January.
Moreover, the 4-hour LINK price chart exhibits a classic double-bottom formation near this support level — a pattern often associated with bullish reversals. The neckline breakout around $24 further supports the case for continued upward movement.
Analysts on X are eyeing the $25 level as a crucial resistance.
What’s Next for LINK Price?
The daily chart presents additional evidence of a bullish setup. The price is attempting to rebound from the midline of the Bollinger Bands at $23.56, indicating support at this level. A confirmed close above $25 may trigger a breakout toward the upper band, currently situated at $27.74.
However, failure to clear the $25 resistance could cause the price to consolidate or slide back toward lower support levels. If LINK breaks below $23.50, bearish pressure could increase, potentially leading to a test of the lower Bollinger Band.
Meanwhile, the Relative Strength Index (RSI) stands at 56.98, indicating moderate bullish momentum without being overbought. This positioning provides room for further gains.
With Chainlink’s Data Streams integration on Scroll and its renewed market momentum, the short-term outlook remains cautiously optimistic. The next two days will be important in determining whether LINK price continues its upward trajectory or faces temporary consolidation.
