Chainlink (CRYPTO: LINK) has surged 23.4% over the past month, but technical analysts remain skeptical about the coin’s short-term prospects.
Trader Notes: Crypto analyst Michael van de Poppe believes Chainlink will be crucial for banks integrating DeFi in the coming years.
He expects significant expansion over the next six months, citing a higher low and an ongoing uptrend.
Meanwhile, technical analyst Ali Martinez noted that LINK is consolidating within a range, advising traders to wait for price action near key levels before entering.
He emphasized that LINK is currently near the mid-range, making it less favourable for new entries.
- Upper Boundary: $25.75 – A test could lead to rejection and a pullback toward $24 or lower.
- Lower Boundary: $22.00 – A retrace here could provide a long opportunity, but a breakdown might signal further downside.
Statistics: IntoTheBlock data shows LINK's large transaction volume declined 24.3% and daily active addresses increased by 8.3%. Transactions greater than $100,000 declined from 449 to 325 in a single day. At current price levels, 81% LINK holders are making profit.
Community News: Chainlink announced the launch of a new product – Chainlink DeFi Yield Index – targeted at the decentralized finance market.
It is a data product that leverages the decentralized oracle network's standard to aggregate lending rates across the decentralized finance ecosystem.
Chainlink also launched Data Streams on Scroll, a zero-knowledge-proof-powered scaling solution for Ethereum.
This will enable developers on Scroll's zkEVM platform with access to Chainlink's low-latency market data.
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