Chainlink Price Near Crucial Support With Analysts Targeting $40

According to market data, trading volume during this period reached approximately $943.4 million, indicating heightened market participation despite the correction. The decline follows multiple failed attempts to reclaim resistance near $18.50, suggesting cautious sentiment among traders.

However, the market capitalization remains at $12.53 billion, supported by an available circulating supply of 696.8 million tokens. Analysts view the $17–$18 range as an area of structural importance that could determine the assets next trend.

Analyst Points to $17–$18 Support Zone

Analyst Cipher X expects the token to retest the $17–$18 support zone before any sustained recovery. The analyst described this region as a potential accumulation area where price stability could set the stage for a larger rebound. The chart shared by Cipher X shows the asset trading within this zone, with a possible scenario of a minor dip followed by a rebound toward the $25–$28 region.

LINKUSDT Chart |

LINK Chart | Source:x

The consolidation near structural support suggests that Chainlink may be entering its final accumulation phase before a potential breakout. If buying momentum strengthens, a move above mid-range resistance could trigger a rally toward the $40 region. This projection represents an estimated 165% upside from current price levels. The patterns structure aligns with broader market sentiment that favors assets maintaining strong technical channels.

Outlook Dependent on Market Reaction at Support

The next market direction depends on the reaction at the $17.50 support level. A breakdown below this area could extend the short-term correction, while a recovery above $18.50 may restore bullish momentum. Analysts believe that sustained trading above $18 would encourage renewed buying pressure, while a decisive push past $20 could pave the way for higher resistance levels.

The current setup suggests that buyers and sellers are competing for control within a narrow price band. As trading activity remains high, the upcoming sessions could determine whether it establishes a base for a rebound or continues its downward movement. For now, the $17–$18 accumulation range remains the critical zone to watch as analysts maintain projections toward the $25–$40 region, depending on the strength of the next recovery phase.