Chainlink ($LINK) is performing well in the cryptocurrency market after successfully breaking away from its long downtrend. As of May 10, 2025, Chainlink’s price is approximately $16.26, reflecting a 3% increase over the past day.
In the next few weeks, observers will closely monitor whether this upward trend will help the asset reach the critical resistance levels of $20 and $25.
Technical analysis, on-chain data, and trader sentiment suggest that Chainlink is at a critical point. If buyers remain active, $LINK could be ready for a significant price movement.
$LINK Shows Clean Breakout and Retest
A tweet from top crypto analyst Alifer highlighted that Chainlink has made a clean breakout from its downtrend and is now retesting the ~$16.00 support/resistance (S/R) level.
The tweet pointed out that if this recovery succeeds, it will open the door for attempts at the $17.5–$20.0 range. This retest is crucial because if $LINK holds above $16, it paves the way for a much larger move toward the $25–$27 supply zone.
Alifer emphasized that reclaiming this zone would indicate serious strength, especially given how many traders have been watching this setup unfold since mid-April.
Exchange Outflows Signal Bullish Sentiment
Another bullish indicator is the on-chain data shared by @ali_charts, which reports that over 3.32 million LINK tokens exited exchanges in the past 24 hours.
This massive outflow is often seen as a sign that investors are moving tokens to long-term storage, reducing immediate selling pressure. This metric aligns with the positive price action and could drive the current momentum.
When so many tokens are pulled out of exchanges, it typically precedes a stronger rally, provided overall market conditions are favorable.
Chainlink Price Prediction: Indicators Indicate Upside Potential
The real-time chart on CentralCharts shows Chainlink is trading above its 50-day and 100-day moving averages, reflecting a shift towards a positive medium-term outlook.
One of the important levels to watch is the support level of $15.50, known as Oblique Major Support. The level was fortified during a recent test, providing a solid foundation that saw Chainlink rebound and sustain its upward momentum.
Traders are interested in the price level of $17.00, which is a significant resistance level where the price would previously stop increasing. Crossing this level is vital for triggering the next price increase.
Chainlink’s price is also approaching the upper edge of the Bollinger Bands at $16.20. This means that the price may further increase if the market is more volatile.
The 50-day moving average is $13.76, and the 100-day moving average is $15.30. These markers signal that the trend has shifted from negative to neutral to positive, which is extremely important for swing traders.
Additionally, Chainlink is the most widely used decentralized oracle solution. Its applications in decentralized finance (DeFi), non-fungible tokens (NFTs), and enterprise blockchain projects make it a must-have asset in both bull and bear markets.
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