- Chainlink’s $20 support aligns with the 0.786 Fibonacci retracement, positioning it as the decisive level for sustaining bullish continuation potential.
- Analysts project $LINK could first target $29 and eventually reach $47, if momentum builds within the rising channel and resistance levels clear.
- Chainlink’s UBS partnership strengthens adoption, focusing on tokenizing the $100 trillion fund industry through Swift Workflow, boosting the project’s financial utility outlook.
Chainlink ($LINK) is trading around $21.28, with analysts identifying the $20 support level as the critical foundation for its next move.
$20 Support as the Decisive Level
Analyst Ali_charts explained that Chainlink’s structure remains within a rising channel, where the $20 level acts as the major pivot. This zone aligns with the 0.786 Fibonacci retracement at $20.12, strengthening its importance as a technical battleground.
If $LINK maintains its position above this level, the market structure supports upward continuation. The first resistance sits near $29, defined by the 1.0 Fibonacci extension and convergence with the channel’s upper midline. Clearing this checkpoint could trigger stronger momentum.
On the contrary, a failure to defend $20 could shift sentiment. A close below this area may expose deeper retracement levels, with $15.05 and $12.27 emerging as the next technical supports.
Path Toward the $47 Target
The technical framework suggests that holding the $20 zone sustains a bullish case for Chainlink. The $29 target remains the immediate objective, acting as confirmation of strength within the current channel.
Ali’s outlook also accounts for a consolidation phase before breakout attempts. The suggested dotted path points to stabilization near the channel’s midline, which could allow the asset to rebuild momentum gradually.
If momentum continues beyond $29, the broader projection places $LINK between $46 and $47. This area matches the 1.272 Fibonacci extension and aligns with the channel’s upper boundary, forming a potential longer-term destination.
UBS Partnership Boosts Utility Outlook
Alongside technical forecasts, WhaleInsider shared that Chainlink has partnered with UBS, the largest private bank worldwide. The collaboration focuses on enabling tokenization of the $100 trillion fund industry through Swift Workflow.
This partnership demonstrates how Chainlink’s technology is being adopted in mainstream finance. Integration with major global institutions enhances the project’s positioning in the emerging tokenized asset market.
Chainlink’s current price stands near $21.41, reflecting a modest 0.35% daily increase, though the token has declined 1.83% over the past week. The $20 support now remains the central level determining whether the asset can sustain its structure toward higher targets.
