Chainlink (LINK) big pump 26% on the 30th, breaking through the key resistance level. CCIP adopts and reserve plan drives price movement | LINK price prediction

In the past 30 days, Chainlink (LINK) has led the top ten cryptocurrencies with an increase of nearly 26%, currently approaching the key resistance level of $27.5. Data shows that the trading volume in July reached $20 billion, marking the second highest of the year, and August is expected to break the $30 billion mark. The core factors driving this round of rise include the adoption of the cross-chain interoperability protocol CCIP by mainstream blockchains, the demand for on-chain and off-chain data integration brought about by the development of the Real World Assets (RWA) sector, and the project party's LINK reserve plan, which has accumulated tokens worth $2.8 million. Technical analysis shows that the weekly MACD has shown an upward trend for three consecutive weeks, while the daily chart has formed a bullish engulfing pattern. A breakthrough of the psychological barrier at $30 may trigger a short positions squeeze.

[LINK volume surge sets annual record] Chainlink (LINK) has become the best-performing asset among the top ten Crypto Assets in the past 30 days, with a rise of nearly 26% and approaching a key resistance level. Volume has significantly increased to $2.7 billion, accounting for 16% of the circulating supply. According to CoinMarketCap, the trading volume in July reached $20 billion, setting the second-highest record of the year, and the trading volume in August is expected to surpass $30 billion, breaking the annual record. This simultaneous increase in volume and price lays a solid foundation for LINK to break through the key resistance level.

[CCIP adopts reserve plan as a catalyst for rise] The narrative of this round of rise mainly revolves around Chainlink's cross-chain interoperability solution CCIP gaining adoption from top blockchain protocols, as well as the project's key cooperative progress in connecting on-chain and off-chain data sources. With the continuous expansion of the Real World Assets (RWA) track, Chainlink establishes a unique advantage in this field through CCIP and data feed solutions. The development team has launched the Chainlink Reserve Program, systematically acquiring LINK tokens through off-chain revenue, and has currently accumulated 109,664 tokens (worth 2.8 million USD), creating sustained buying pressure.

[Key technical level tests breakthrough momentum]

(Source: TradingView)

The weekly chart shows that LINK is approaching the important resistance zone of 27.5 USD. Previously, the market anticipated a target level of 30 USD at the price level of 23.5 USD, and the current 13% rise has confirmed this prediction. Although a breakthrough of the weekly trendline resistance is needed, the likelihood of rising to 30 USD remains high. The key trendline resistance significantly impacts the asset's mid-term trend, and if successfully broken, it may trigger an explosive move towards the 38-40 USD area. The weekly RSI indicator has not yet entered the overbought zone, and the MACD has maintained an upward trend for three consecutive weeks without showing signs of fatigue.

[Daily chart bullish pattern indicates a breakthrough is imminent]

(Source: TradingView)

The daily chart price encountered resistance at $27 and formed a bullish engulfing pattern, and it is expected to potentially break through this level in the coming hours. The psychological level of $30 has become a key observation point for this trend, and breaking this level will open up space for further rise and may trigger a large number of long-term short positions to close. Although LINK has underperformed compared to other altcoins in recent years, this sleeping giant is showing signs of recovery as the altcoin season kicks off.

[Conclusion]: Chainlink has built a unique value foundation through the implementation of the CCIP protocol and reserve plan, with multiple bullish signals on the technical front aligning with the fundamentals. Investors should focus on the breakthrough of the $27.5 resistance level; if successfully broken and the volume continues to expand, it may open up mid-term upward space. It is important to note the high-risk characteristics of the crypto assets market, and it is recommended to operate cautiously in accordance with one's own risk tolerance, keeping a close watch on project ecosystem progress and changes in technical indicators.