Chainlink Holds $14 as LINK Outperforms Bitcoin After Rally, Says Analyst

• LINK climbed from June lows near $7 to $15.60 before pulling back toward $14.20, with $14.53 now a key level.
• Analyst said LINK is outperforming Bitcoin despite remaining in the early stages of its recovery.
• Chainlink said more than $15 billion is migrating to CCIP, supporting its push for institutional cross-chain infrastructure.

Chainlink (LINK) is holding above its long-term average after a sharp rally, while analyst Michael van de Poppe says it is outperforming Bitcoin. The token reached about $15.60 before pulling back to $14.20, while Chainlink said more than $15 billion is migrating to its CCIP infrastructure. The move follows a strong recovery from June lows.

Van de Poppe Tracks LINK’s Bitcoin Performance

Van de Poppe said LINK has barely moved yet, despite gaining against Bitcoin and outperforming the leading cryptocurrency. He also said Chainlink is emerging from a bear market lasting more than four years.

Meanwhile, LINK’s price structure shows a strong recovery from its June lows. The token traded around $7.05 to $8.00 before momentum improved through July. The next advances came in August, when LINK broke above $9.19. It then moved through $10.26 and $11.33 before extending higher during September.

Chainlink Reports $15B Migration to CCIP

The price advance coincides with Chainlink’s announcement that more than $15 billion is migrating to Chainlink CCIP. The company said leading teams are upgrading their cross-chain infrastructure.

https://twitter.com/chainlink/status/2106746227513864408?s=20

Chainlink also said CCIP 2.0 allows institutions to distribute tokenized assets across networks through one standard. The company described the system as designed for global-scale tokenized asset distribution.

The market data provides another view of LINK’s recent move. The September rally pushed the token above $12.39 before it reached approximately $15.60.

LINK Tests $14.53 After Recent Rally

LINK currently trades near $14.20 after retreating from its recent peak. Resistance sits between $15.00 and $15.60, while $14.53 provides the nearest important level. Below that level, support appears around $13.46 and $12.67. 

Source: Santiment

The 50-day moving average is near $14.53, while the 200-day average remains around $12.67. LINK remains above its 200-day average, while its position near the 50-day average leaves short-term direction under pressure. 

Volume also expanded during the August and September breakout, with the latest reading near 228.08 million LINK. Holding $14.53 could leave the recent $15.60 peak within reach. However, losing that level could expose $13.46, followed by $12.67.