TLDR:
- Chainlink confirmed a double bottom breakout, pushing past the $18 neckline.
- LINK price now retests $18, a key level that could determine the next move.
- Analysts forecast $24 as the next major resistance if support holds.
- Volume remains low, but traders eye a bounce to confirm bullish trend.
Chainlink’s price action just made a statement. After weeks of sideways chop, the chart has now flipped bullish. Traders spotted a clear double bottom forming on the daily chart.
The breakout already happened, and now LINK is retesting support near $18. That level could decide if the next leg higher is around the corner.
According to the crypto charting account Bitcoinsensus, LINK formed a textbook double bottom over the last few months. This formation appeared after the token dipped twice, first in April and again in June.
$LINK Daily Double Bottom Pattern Retest
#Chainlink has formed a textbook double bottom formation on the daily time-frame.
This pattern formation is a clear sign of robust price action for a sustained rally to the upside.
We are currently in the retest phase coming around… pic.twitter.com/zXf00mlYnm
— Bitcoinsensus (@Bitcoinsensus) July 28, 2025
Both lows touched near the same support area, creating the pattern’s two troughs.
A peak between the bottoms formed near $18. This acted as the neckline, the critical resistance point. The breakout above that neckline confirmed bullish strength.
LINK pushed above $18 and has now pulled back to test that same level as support.
Chainlink Retest Phase Could Confirm Support
At press time, LINK trades at $18.54, according to CoinGecko. That’s a slight dip over the past 24 hours and a 7% slide for the week. But the price now hovers at the key $18 level, the breakout point from the double bottom.
Chart watchers often view this phase as a make-or-break moment. If the support holds, it confirms the bullish structure. That typically brings new buyers into the market. If it fails, the breakout loses momentum, and the trend may stall.
One signal to watch is trading volume. Strong volume during a breakout adds weight to the move. Volume often fades during a pullback but must return if the rally is to continue.
LINK’s recent breakout didn’t explode in volume, but traders are eyeing this retest for signs of renewed buying pressure.
A healthy bounce off $18 could send the token toward the projected $24 target. This target comes from measuring the height of the pattern and adding it to the breakout point. It’s a standard technique in technical analysis and aligns with the outlook shared by Bitcoinsensus.
Market Watching $24 as LINK’s Next Major Resistance
If Chainlink holds its ground at $18, the next challenge sits around $24. That’s where sellers could step in again. Until then, this double bottom suggests buyers may be taking control at least for now.
The coming days will reveal whether this setup turns into a true breakout or just another fakeout. For traders, the $18 support is the level to watch.
The post Chainlink Breaks Out from Daily Double Bottom Pattern, Targets $24 in New Uptrend appeared first on Blockonomi.
Source: https://blockonomi.com/chainlink-breaks-out-from-daily-double-bottom-pattern-targets-24-in-new-uptrend/