Chainlink (LINK) is showing strong bullish signs, consolidating near a key resistance level and potentially eyeing a significant rally in August.

After a remarkable 30% surge over the past month, driven by institutional interest and positive chart patterns, LINK is poised for further gains.

Bullish Retest and Price Targets

Chainlink appears to be in the midst of a bullish retest at a breakout zone, according to crypto analyst Ali Charts.

This technical setup could propel LINK towards $22 or even $28.

Having recently surpassed the $20 mark, a successful retest of this level could trigger the next upward movement.

If LINK can maintain its position above $20, a climb to $28 before the end of summer is a distinct possibility.

Factors Driving LINK's Surge

Several factors are contributing to Chainlink's recent upward momentum:

• Bitcoin's Rally: The broader market strength, led by Bitcoin, has positively impacted LINK.
• Legislative Developments: The approval of the GENIUS, CLARITY, and Anti-CBDC acts has also played a role.
• Whale Accumulation: Significant whale activity has been observed, with major players accumulating over 1.6 million LINK in two weeks, often signaling confidence in future price appreciation.

Market Sentiment and Future Outlook

Despite a recent dip in trading volume and a slight price pullback, the overall market sentiment for Chainlink remains bullish.

Analysts at CoinCodex project a 5.84% increase for LINK in the next 30 days, potentially reaching $18.66 by August 28, 2025.

Current technical indicators suggest a bullish sentiment, with the Fear & Greed Index at 57, indicating 'Greed' in the market.

While a failure to maintain the $18 level has caused some minor concern, the prevailing view is that a rebound is imminent, with the potential for LINK to reach new highs in the coming weeks.

Sources:

• Ali Charts: "Chainlink $LINK looks to be in the middle of a bullish retest at the breakout zone."
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