• Chainlink trades at $23.54 with a daily gain of 2.43% and $1.08B in trading volume.
• Market capitalization stands at $15.96B with 678.09M LINK in circulation out of 1B maximum supply.
• Chart data shows a wedge pattern with resistance at $30.80 and support around $15.39 to $14.56.

Chainlink (LINK) has been consolidating around its current price level of about $23.54 and the market has been performing well, despite the current swings. The token registered a 3.07% rise on a daily basis backed by a trading volume of 1.08 billion, an increment of 4.5% in 24 hours. 

The capitalization is 15.96 billion, which is a growth of 2.49%, and the fully diluted valuation is 23.55 billion. Analysts are keeping a close eye on this structure because LINK is nearing a tightening wedge pattern that is evident on the daily chart.

LINK Forms Long-Term Wedge as Market Activity Points to Upcoming Move

The chart illustrates a long-term wedge pattern forming since 2021, with resistance currently projected near $30.80 and higher resistance at $53.11. Meanwhile, support levels are outlined near $14.56 and $15.39, providing lower bounds for price consolidation. Notably, the chart suggests LINK is preparing for a decisive move once market momentum returns. The presence of a narrowing channel reinforces expectations of an eventual breakout when trading activity strengthens.

Chainlink’s current market capitalization of $15.96 billion is supported by a circulating supply of 678.09 million LINK tokens. The maximum supply remains fixed at 1 billion, offering clarity regarding token availability. Moreover, the trading volume stands at 1.08 billion during 24 hours, which is almost 6.82% of the market capitalization. The price action of the token, however, in the intraday range of $23.09 to $23.61, reflects undemonstrative volatility, although the trend is currently moving up.

Short-Term Activity and Outlook

Despite current consolidation, LINK’s daily performance reflects an upward shift, as indicated by its 2.43% increase in 24 hours. Resistance remains defined at $30.80, while support continues to hold near $15.39. 

Analysts note that price compression within the wedge structure may lead to higher volatility once momentum builds. However, in the short term, consolidation near $23.54 suggests LINK is stabilizing before its next directional move.

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