NAIROBI (Coinchapter.com)— Chainlink (LINK) Rallied Over 8% This Week
Chainlink (LINK) rallied over 8% this week, buoyed by a bullish chart structure and renewed institutional interest. The move followed a high-profile partnership with Abu Dhabi Global Market (ADGM), aimed at advancing tokenization in the United Arab Emirates.
At press time, LINK traded at $15.31, up 0.31% over the past 24 hours. Weekly performance remained strong despite a monthly drop of 14%, according to CoinMarketCap. The 24-hour trading volume stood at $339.1 million, marking a 1.59% rise.
UAE Partnership Sets Bullish Tone for Chainlink
Chainlink announced a collaboration with ADGM on March 20. The deal aims to promote regulated tokenized asset markets in the UAE. The two parties signed a Memorandum of Understanding to jointly develop secure frameworks for tokenization.
Chainlink Labs Abu Dhabi executive Angie Walker said the partnership would help drive compliant on-chain services across financial markets. She cited ADGM’s infrastructure and the potential for projects to adopt the Chainlink standard.
“Our alliance will elevate the blockchain ecosystem in the UAE,” Walker stated in the official release.
The deal reinforced Chainlink’s strategic push into institutional blockchain infrastructure, a theme that has attracted increased attention in recent months.
Traders Target $43 as Bull Flag Forms
On X, trader @CW8900 spotted a bull flag pattern on LINK’s daily chart. He identified $18 as a key resistance level, saying a break above it could open a path to $43.8.
Another analyst, Marzell, echoed that sentiment. In a video breakdown, he noted LINK had bounced off the 0.786 Fibonacci retracement level near $13.55. He called this zone a “historically strong support area.”
“Chainlink is trading inside a rising wedge structure,” Marzell said, citing potential upside targets at $25.80, $32.66, and $40.70.
Despite the bullish setup, some caution remained. Chainlink’s overall trend remained under pressure in the longer timeframes, with resistance zones still untested.
Market Watches $18 Resistance for Breakout Clue
LINK’s near-term trajectory depends on whether it can flip $18 into support. CW’s chart implies that surpassing this level could validate the bullish flag.
While LINK has shown strength, traders remain sensitive to broader market movements. Bitcoin and Ethereum remain in tight ranges, limiting momentum across altcoins.
Still, the ADGM partnership added institutional weight to Chainlink’s narrative. With tokenization gaining traction globally, the timing of the announcement may prove critical for LINK’s adoption roadmap.
For now, eyes stay fixed on $18. A close above that line could change LINK’s trajectory—and bring $43 into view.