Chainlink’s price action has been choppy over the past week and month, but the broader trend for October shows promise, with LINK climbing from $10.60 to $11.13 – a gain of nearly 4%.

Some analysts are projecting Chainlink could break above $12 by early November. Looking further out, price forecasts suggest LINK may trade in the $10-$15 range in 2025.

Chainlink Price Poised for October Breakout, $13 in Sight

LINK has been one of the top performers this week, rallying alongside the broader crypto market and breaking through key resistance levels. Technical indicators like the contracting Bollinger Bands and converging MACD suggest potential for a move beyond $13 in October. However, Chainlink will need to overcome nearby resistance to fulfill these bullish price predictions.

Chainlink’s recent strength can be attributed to several significant network developments. Factors supporting LINK’s upward momentum include the launch of staking, expansion of its data oracle network, and the recent addition of Secure Mint functionality.

At press time, LINK is trading at $11.17, down 1.34% in the past day but up over 5.3% week-over-week. The key question is whether this upward move can propel LINK past the critical $13 resistance level.

Technical analysis gives mixed signals, with some indicators flashing sell for both short and long-term outlooks. However, LINK has still managed to post gains on about 53% of trading days over the past month, with price volatility around 5.75% during this period.

Bullish Momentum Backed by On-Chain Metrics

Several factors support the bullish case for LINK. First, exchange reserves are low, limiting sell-side pressure. This scarcity could fuel an impending rally as fewer tokens are available on exchanges.

Additionally, the Chainlink network has seen increased activity, with rising active addresses and transaction counts signaling growing demand. Notably, whale activity has spiked recently, indicating strong interest from large investors.

There is currently an imbalance in traders’ positioning, with a majority holding short positions while others go long. Analysts suggest this setup could lead to a short squeeze if LINK breaks above resistance, forcing short sellers to cover.

LINK Gains Momentum as Whales Accumulate

Some crypto analysts view LINK as one of the most promising investment opportunities at current price levels. Technical patterns suggest potential for price action similar to previous all-time highs.

Chainlink’s adoption continues to grow, with Ronin, the EVM blockchain for gaming, recently implementing Chainlink’s CCIP technology. This partnership is driving demand for LINK tokens from the open market.

Furthermore, on-chain data from Santiment shows recent whale accumulation following the market correction. Large holders increased from 489 to 502 in early October, reflecting rising institutional interest in LINK.