Chainlink Ready For $28? Joins SEC Crypto Task Force

Chainlink (LINK) has been experiencing a significant bullish trend. Its price has been rising rapidly from around $14 to surpass $18, even reaching a high of $19.

An analyst on X has identified the next level for LINK price to hit after surpassing key resistance, amid the ecosystem’s inclusion in SEC’s crypto task force.

This dramatic increase, especially from July 12 to July 17, signals strong bullish momentum in the market.

As of today, LINK is priced at $17.84. It lost 3.35% in the last 24 hours and a 13.47% price jump over the past week. The price action suggests growing investor confidence, but where’s Chainlink headed next?

Chainlink Breaks Crucial Resistance Level

Notably, a prediction by crypto analyst Ali Martinez pointed to a significant technical development. Martinez highlighted the price chart of Chainlink (LINK) against Tether (USDT) on a daily timeframe.

The price recently broke above a critical resistance level around $17.46. Earlier, this level acted as ceiling since mid-April.

The breakthrough above this resistance is considered an important milestone for LINK.

If the price hods above $17.46, it could trigger further upward momentum, as this would signify increased buying pressure and a potential continuation of the bullish trend.

Prior to this breakout, the price had been consolidating in a clear range between $10.60 and $17.46. There were distinct support and resistance levels forming a pattern of consolidation.

Key Resistance Levels and Potential Price Targets

With the breakout above $17.46, the next key resistance levels to watch for are $19 and $22. If Chainlink can surpass these levels, it could further confirm the continuation of the bullish trend.

Beyond $22, the next major target for LINK is $28. This represents a potential 51.7% surge from its current price of $18.46.

This price point would mark a significant milestone, aligning with the overall positive sentiment surrounding the token.

Other analysts are even more optimistic. Analyst ZAYK Charts, also recently noted that an ascending triangle formation has been broken on the price chart.

This pattern, characterized by a rising support line and a falling resistance line, often signals consolidation before a breakout occurs.

The breakout above the resistance trendline suggests increasing bullish pressure, with a potential price target of $30.09—around 63.35% higher than $18.46.

SEC Crypto Task Force Now Includes Chainlink

While technical indicators and chart patterns are critical, external forces also increase the positivity for the cryptocurrency.

The biggest catalyst for the recent price action came from Chainlink’s announcement that it would be joining the SEC Crypto Task Force.

This task force, which also includes other major players like ERC3643Org and EntEthAlliance, aims to establish guidelines for the acceptable trading of tokenized assets.

The intervention of the SEC is a move that shows a more rigid future in regulating the crypto market, especially as more strict regulations governing cryptos are likely to be adopted in 2025.

This move towards clearer regulation could create a safer environment for investors and users, as it aims to bring transparency and compliance to the tokenized markets.

The effect of this announcement on investor confidence is likely to prove positive. It means another degree of legitimization and regulatory backing of the project.

The SEC-Chainlink announcement will largely be perceived as a positive development. It also greatly enhanced Chainlink’s visibility and legitimacy.

The partnership with the SEC, along with the technical trends in the price chart of the Chainlink crypto, makes the token a possible good performer in the near future.