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LINK Chainlink prices consolidated after LINK hit the US$11 zone.
LINK prices hit US$11 at one point, then fell back as traders assess the next stage of the breakout market. Michaël van de Poppe believes that the market will consolidate before a possible move towards $14. Wyoming and Nethermind have recently expanded the use of Chainlink infrastructure.
Chainlink prices hit US$11 in the latest round of gains before giving up some of their gains. LINK then traded around $10, while futures activity remained high. CoinGlass data showed that 24-hour futures volume was approximately US$797 million, and open interest was approximately US$692 million. Analyst Michaël van de Poppe currently expects the market to consolidate before another potential rally.
Van de Poppe described $11 as the top edge of the latest rising range. He expects sideways consolidation may create another opportunity to enter before a bigger market. His next clear target price is $14. 
Chainlink's price structure improved after LINK broke through long-term resistance. Recent analysis has set important resistance at around $10.50 to $11. Effectively breaking through the region may strengthen the basis for technical bullish to higher levels.
Momentum also extends excessively during the rise. The daily RSI has recently approached the overbought area, increasing the possibility of short-term consolidation.
Derivatives continue to dominate trading activity. Futures volume is still several times higher than spot volume, indicating that leveraged traders are still influencing Chainlink price movements.
Chainlink prices gain support from expanded CCIP adoption
Recent ecosystem developments have added another layer of support to the Chainlink price landscape. Wyoming moved its Frontier stablecoin cross-chain infrastructure from LayerZero to Chainlink CCIP. The committee chose CCIP after conducting a security review.
Chainlink will now provide exclusive cross-chain infrastructure to FRNT under a multi-year agreement. The migration brings a public sector use case to CCIP related to digital assets issued by U.S. state governments.
Nethermind has also migrated its cross-chain business to Chainlink. The Ethereum infrastructure developer will become a node operator that supports CCIP and Data Feeds.
These integrations do not guarantee further increases in Chainlink prices. Still, they are expanding their network usage, while LINK traders are focusing on the $11 resistance area.
Continuing to exceed $11 will turn attention to van de Poppe's $14 target. If we fail to hold recent support levels, we may extend the consolidation time after a sharp rise.
