- Chainlink price breaks out of $14 to reach $28 before facing resistance at $32 due to massive on-chain accumulation.
- Chainlink price still experiences less selling pressure with an outflow of exchange supply declining by 16%.
- A move above the $27.64 price is likely to drive Chainlink price to the $32 resistance area, pointing towards a bullish recovery.
Chainlink price has been performing well both technically and on-chain indicators, which has demonstrated activity towards breaking the $32 barrier. By August 24, 2025, Chainlink is priced at about $25.73, having risen significantly since the beginning of the month.
Chainlink Price Shows Strength, but Key Resistance Lies Ahead
Chainlink price has given a lot of momentum in the last two months. Chainlink price dropped to about $14 in July but came up to about $25.73 on the 24th of August, 2025. This bullish price action has realigned market attention toward the outstanding resistance area at $32, which has traditionally acted as a major deterrent. As noted by analyst Michael van de Poppe, a break of this range may signal the growth in a broader uptrend and possibly the beginning of a new bullish cycle in Chainlink.
Source: Michael van de Poppe/X
Another significant level identified by Van de Poppe is the breakout zone of $21.70, which has since been reclaimed despite providing support back in June around the $9.80 mark. Should momentum persist, Chainlink price may attempt to reach as high as $33.60 or a maximum gain of 99% above the break plus area. This structural move has seen Chainlink price forming a reversal pattern after years of declines and could be preparing to increase.
Chainlink price has a bullish picture based on on-chain insights, as noted by analyst Ali Charts. Between July 25 and August 23, the exchange supply dropped by 22 million, with the total outflow increasing to about 300 million in relation to a sudden stockpile of tokens by large holders. This decrease in available supply lowers pressure to sell, followed by upward movement in price.
Source: Ali Charts/X
However, Chainlink price will have to surpass its current high of $27.64 to reach $32 to seal the deal with a full trend reversal, as mentioned by analyst Ali Charts. The key resistance level of $32 has not been seen since early 2022. The price may decline to the $23-$24 support zone, but bullish volume and a steady RSI may maintain the price action unless exchange inventory starts increasing again.
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