TLDR:Chainlink holds above $21 support, signaling strength as RSI steadies around 50 with no selling exhaustion.Analyst sees 65% probability of bullish continuation if LINK breaks $23.50 resistance with volume.A corrective dip toward $20.5 remains possible before a rebound toward $25–$28 levels in the short term.Chainlink’s structure shows higher highs and higher lows since mid-September, confirming bullish pressure.Chainlink’s price is compressing inside a narrow range as traders weigh the next breakout. The token is currently trading near $21.76, maintaining its footing after mild weekly losses. Despite a 0.96% drop in the last 24 hours, the market structure still leans bullish. Buyers continue to defend support levels and resist deeper corrections. Momentum appears paused, not reversed.According to price data from CoinGecko, Chainlink’s 7-day decline sits at 3.7%. Yet, traders note that LINK remains within an ascending structure built since mid-September. Momentum indicators show cooling, though buying pressure has not faded. This pause could mark a buildup before the next strong move.LINK price on CoinGeckoLINK Price Analysis: Support Zones and Bullish StructureVeteran financial trader Matthew Dixon shared on X that LINK has maintained higher highs and higher lows since mid-September. He identified a key minor support between $20.5 and $21.0, with a stronger base around $18.0. Resistance sits higher at $23.50, $25.50, and $29.00. Dixon assessed the setup as “bullish-biased” with a 65% probability.He noted that RSI remains around 50, showing consolidation after a small rebound. The indicator has cooled from overbought zones but stayed above 40, hinting that selling pressure is limited. Dixon added that price action appears corrective and overlapping, not impulsive, often a sign of a continuation phase. The absence of heavy selling wicks also supports a sustained uptrend.The trader expects a higher low around $21.8–$22.0 before a possible breakout above $23.50. Should momentum build, targets between $25.50 and $26.00 come into play. On the other hand, a mild pullback toward $20.5 could reset indicators before a rally toward $25–$28, provided price holds above $20.0.We have a series of higher highs & higher lows since mid-SeptemberSupport zone $LINK $20.5–$21.0 minor, major structural support at $18.00–$18.10Resistance: $23.50 → $25.50 → $29.00RSI: Around 50, neutral — showing consolidation after a small bullish recovery swingThe… pic.twitter.com/zkygcGuyPR— Matthew Dixon – Veteran Financial Trader (@mdtrade) October 9, 2025Market Consolidation Before Potential ExpansionChainlink’s current consolidation between $21.8 and $22.8 reflects compression before expansion, a setup traders often watch closely. RSI flattening near midrange levels indicates potential bullish divergence if price retests $21 while RSI stays above 40. This pattern often precedes sharp moves once resistance levels give way.Dixon rated the probability of a deeper bearish breakdown below $20 as low, around 10%. He explained that such a move would invalidate the bullish pattern, drawing attention back to $18, the previous demand floor. Until that occurs, LINK’s broader outlook remains constructive.For now, traders are watching how LINK behaves around $22. A confirmed move above $23.50 could mark the start of its next upward phase.The post Chainlink Price Analysis: 65% Chance of Rally if $23.50 Breaks appeared first on Blockonomi.