Chainlink (LINK) is showing renewed bullish momentum as its recovery approaches a key resistance area. Continued accumulation by Grayscale and Coinbase’s use of Chainlink for tokenized stock data are reinforcing investor interest, while expanding utility could support further upside and draw more market attention.

Chainlink is a decentralized oracle network that supplies off-chain data, such as asset prices, to smart contracts, which blockchains cannot access natively. Its LINK token is used to pay for oracle services, and adoption of the network as a data layer is often watched as a measure of real-world demand for the token.

At the time of writing, LINK is trading at $11.67, with a 24-hour trading volume of $550.76 million and a market capitalization of $8.73 billion. After a 1.11% gain over the past 24 hours, LINK’s price structure and institutional accumulation are being viewed as signs of a possible bullish reversal.

Source: CoinMarketCap

Also Read: Chainlink (LINK) Price Eyes $28 as ETF Accumulation Fuels Bullish Breakout

LINK Price Targets $31.50 After Key Breakout

According to MCO Global, Chainlink (LINK) is testing a major resistance zone between $11.84 and $20.63 as its recovery gains traction.

The technical structure suggests LINK may be forming a D-wave recovery within a broader Wave 4 triangle. If momentum strengthens, the move could extend into a larger ABC pattern, keeping the short-term bullish outlook intact. The wave labels follow the Elliott Wave framework, a technical analysis approach that interprets price moves as repeating wave patterns.

Source: MCO Global’s X Post

A breakout above $20.63 and the declining blue trend line would make the possible wave 1-2 structure more robust and allow for a larger third-wave advance.

However, $31.50 is the level to watch, since moving above that point would completely invalidate the pattern and indicate a strong bullish turnaround for LINK.

Grayscale Buys $5.15M in LINK Amid Coinbase Move

Data from Nazoku also highlighted that Grayscale has allegedly bought another 443,153 LINK tokens, estimated to be worth $5.15 million.

This comes a few days after Grayscale purchased 132,947 LINK tokens worth $1.54 million. The total amount of LINK accumulated by Grayscale over the last month is 886,396. Grayscale is one of the largest digital asset managers and offers single-asset crypto trusts, including a Chainlink Trust, so its purchases are often tracked as a gauge of institutional exposure.

Source: Nazoku’s X Post

The accumulation is being viewed alongside Coinbase’s decision to choose Chainlink as its oracle system for tokenizing its stock offerings. That move would make Chainlink the source of stock prices on-chain, adding to its relevance in asset tokenization through blockchain technology. Coinbase is among the largest US crypto exchanges, and tokenized stocks form part of a wider push by financial firms into blockchain-based representations of real-world assets, an area where reliable on-chain price data is a core requirement for trading and settlement.

This could also be supported by institutional demand for LINK and its growing real-world utility.

What Happens Next for Chainlink?

Market participants will be watching to see whether LINK can move above the $20.63 resistance level and the falling trendline. Such a breakout would strengthen the bullish technical setup and shift attention to $31.50.

Grayscale’s buying and Chainlink’s increasing role in tokenized assets may also remain supportive factors.

Also Read: Chainlink (LINK) Double Bottom Signals $15 Rally as Grayscale Expands Holdings

This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.