Chainlink (LINK) Still Has a Clear Path to $46, But Analysts Warn “Support at $13 Must Hold”

Chainlink maintains an upward channel; $13 remains a critical support for a $46 target.

LINK faces resistance at $17.76; a breakout above $17.64 could lead to $20.22.

Protocol fees near $20K daily in August show strong network usage despite zero revenue.

Chainlink (LINK) is showing resilience above a key support zone, trading around $16.49 despite recent volatility. The asset is positioned within a long-term ascending channel, and analysts continue to maintain that as long as $13 holds, the path to $46 remains open.

Technical Performance and Market Activity

According to analysis prepared by Ali Charts, Chainlink remains inside a rising channel, with resistance near $27 and key support at $13. The price peaked near $27 in late 2024 and later corrected toward the mid-channel area. Price action has since shown strength, with repeated rebounds near $15.83 and $11.00, levels aligned with key Fibonacci retracements.

Chainlink recorded a 2.4% price increase over 24 hours, trading at $16.85 with a market cap of $11.42 billion, per CoinMarketCap. Its 24-hour volume dropped by 13.81%, standing at $373.3 million, while the circulating supply is 678.09 million LINK. RSI sits at 47.95, showing neutral strength with potential for further upward movement if volume increases.

Source: CoinMarketCap

LINK recently faced resistance at $17.76, the 20-day SMA and upper Bollinger Band. According to an observation by market analysts, this rejection followed a 21% rally in July. A break above $17.64 could open the way toward the next key resistance at $20.22.

Ecosystem Metrics and Protocol Usage

Chainlink's protocol activity continues to grow despite revenue metrics remaining unchanged. According to data from DefiLlama, annualized fees reached $3.24 million, while the total capital raised is reported at $32 million.

Source: DefiLlama

Fee generation has been stable since late 2023, with notable spikes between December 2024 and February 2025, hitting over $20,000 daily. Even with a slight dip in March 2025, volumes have maintained strength above $5,000 daily into August.

Chainlink's network saw renewed fee activity at the start of August 2025, approaching $20,000 once again. Although annualized revenue is at $0, the rising fees indicate active usage and growing demand across the ecosystem.

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