Chainlink (LINK) Eyes $40 as Bull Flag Builds on Weekly Chart

TL;DR

• LINK trades in a bull flag pattern with breakout targets set at $35 and $40.
• Institutional interest rises as Caliber buys LINK and Grayscale files for a LINK ETF.
• SAB partners with Chainlink to test blockchain solutions for cross-border infrastructure.

Weekly Setup Points to Possible Upside

Chainlink (LINK) is trading within a flag pattern on the weekly chart after a strong move earlier this year. The structure shows a short-term downward channel that formed after a rally in July and August. This setup is commonly watched as a continuation pattern, with many traders monitoring it for a potential breakout.

At the time of writing, LINK is priced at $23. Rose Premium Signals noted that the current price action fits the structure of a bull flag. The next move depends on whether LINK can push above the top of the channel. If it does, price levels of $35 and $40 are being considered as upside targets.

Mixed Signals on the Daily and Intraday Charts

On the daily timeframe, LINK closed without a clear direction. According to CRYPTOWZRD, LINK/BTC also pulled back slightly but stayed above a previous resistance zone that now acts as a double bottom. The next push higher could confirm this pattern and set the stage for continued strength.

$30 is the next area to watch if momentum returns, while $20 remains a support zone on the daily chart. The analyst added that any moves following the FOMC event may also affect LINK’s short-term path. Near-term setups are expected to come from lower timeframes, depending on how the market reacts.

In intraday movement, LINK saw quick swings. Holding above $24.00 is being watched as a possible signal for a surge with a target of $26.50. Support on this timeframe is set at $22.00.

Institutional Interest Continues to Expand

Several companies have increased exposure to LINK in recent weeks. As CryptoPotato reported, Caliber, a Nasdaq-listed firm managing both real estate and digital assets, disclosed a purchase of LINK tokens as part of its digital asset strategy. The company has not provided further details on the size of the position.

Grayscale Investments has filed for a Chainlink ETF under the ticker GLNK. The application was made for NYSE Arca. Bitwise had submitted a similar proposal earlier. Both filings aim to give investors access to LINK through a regulated fund structure, without requiring direct token custody.

In addition, SAB confirmed a new agreement with Chainlink. The company shared that the partnership will focus on testing blockchain solutions for cross-platform communication. The work is part of broader goals to improve financial infrastructure in Saudi Arabia.

SAB said,

No timeline or further technical details have been announced so far.

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