Chainlink Stalls Below $18: Can LINK Price Break Out Toward $25?
TLDR:
LINK price trades at $16.64 after failing to secure a close above the $18 resistance level.
A breakout above $18 could clear the path for a rally toward $20 and $25 in low-volume zones.
Key support levels sit near $16, $14, and $11 if selling pressure accelerates this month.
Volume is building, but traders want a confirmed high-timeframe breakout before flipping bullish.
August opens with Chainlink trading under pressure. LINK has been stuck below a critical resistance level, holding back its next potential rally.
Traders are watching a single price level that could flip the market structure. Without that move, the risk of another pullback remains on the table. Right now, the battle is set at $18.
LINK Price Struggles Near Key Resistance
Chainlink traded at $16.64, sliding 7.74% in 24 hours, according to CoinGecko. This drop came as LINK failed to close above the $18 level on the three-day chart.
LINK price on CoinGecko
Analyst Hov shared that a wick into the resistance zone had occurred, but no confirmed high-timeframe breakout followed.
The $18 level is not just another line. It marks the top of Wave 1 in Hov’s Elliott Wave count. A close above that price would invalidate any lingering Wave 4 scenario and confirm a new impulsive move higher. Until then, the market sits in limbo.
Hov explained that both bullish counts remain intact. In the primary view, LINK is in Wave 3 with targets stretching toward $31. A secondary scenario still sees a larger Wave 4 in play if price fails to secure a breakout.
He noted that LINK’s recent wick into Wave 1 territory lowered the chance of a Wave 4 continuation but did not eliminate it. A confirmed close above $18 remains the trigger traders want to see.
Since our last LINK update we haven’t seen a HTF close above our immediate resistance level to confirm our bullish breakout (threaded)
So here’s what we’re watching for
As of now I still lean on this being a lower degree 4th but it’s really pushing up against that Wave 1… pic.twitter.com/gMd8jOy5D0
— Hov (@HovWaves) July 31, 2025
Chainlink Support Zones and Risk Levels
If buyers lose control, downside zones are clearly defined. Hov’s chart points to $16, then $14, as immediate support. Deeper levels at $11 would come into focus if selling accelerates.
On the flip side, a break above $18 opens a fast path toward $20 and potentially $25. Low-volume resistance between $18 and $25 adds fuel to that view.
Volume has been rising, hinting at building strength behind the scenes. However, traders are waiting for that decisive high-timeframe close above $18 before calling it a confirmed breakout.
Until that happens, LINK’s price action remains a test of patience. One move above $18 could shift this chart from neutral to explosive.
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Filed under: Bitcoin - @ August 1, 2025 7:19 am