NAIROBI (CoinChapter.com)— Chainlink (LINK) has reclaimed lost ground after testing a multi-year support level at $13, fueling discussions on whether the bottom is in.
LINK Holds Key Support, Eyes Recovery
Chainlink recently tested $13, a level that has acted as critical support for years. The price has since bounced back, with LINK trading at $14.71 after gaining over 5.6% in 24 hours, according to CoinGecko. Over the past week, it has risen from $13.15 to $14.72, accumulating a trading volume of $541.16 million and a market cap of $9.65 billion.
Crypto analyst Crypto Billion pointed to LINK’s price action, stating that the token has made a “perfect retest of multi-year support” and is now rebounding. If market momentum remains positive, LINK could post a 20%-30% rally in the coming days.
Market sentiment, however, remains mixed. While retail traders appear bullish, smart money wallets have shown bearish behavior, suggesting potential selling pressure ahead.
Chainlink Tops DeFi Development Activity
Beyond price action, Chainlink remains at the forefront of decentralized finance (DeFi) innovation. Santiment’s latest data places LINK as the most active DeFi project in terms of development. The ranking considers GitHub activity across more than 3,800 projects.
Santiment’s leaderboard shows LINK at the top, followed by DeFiChain (DFI), DeepBook (DEEP), and Synthetix (SNX). The data highlights Chainlink’s continued investment in expanding its smart contract solutions, a key factor in its long-term growth.
Despite its development strength, LINK faces resistance at $15 and $16, with multiple sell walls extending up to $38, according to crypto trader CW. The trader also noted a buy wall forming just below the current price, suggesting strong accumulation at lower levels.
Trump Effect? Institutional Demand on the Rise
The latest LINK rally comes as broader crypto markets react to U.S. President Donald Trump’s speech at the Digital Asset Summit in New York. Trump’s increasing engagement with digital assets has fueled speculation over regulatory shifts that could benefit established blockchain networks.
Chainlink’s Sergey Nazarov recently met with Trump’s administration, attending the White House Crypto Summit. He is also set to speak at the D.C. Blockchain Summit 2025, alongside Bo Hines, Executive Director of the President’s Council of Advisers on Digital Assets.
Experts argue that its robust smart contract infrastructure and expanding DeFi partnerships position LINK for sustained demand, assuming favorable market conditions persist.
While LINK has defended its $13 support, the next test lies in breaking through immediate resistance levels. If momentum continues, analysts anticipate a push toward $16 in the short term.