Chainlink (LINK) is currently capturing the attention of analysts and investors as it displays a promising bullish pattern that has been developing over the past seven months. Many in the crypto community are eagerly anticipating a significant surge in Chainlink’s value during this cycle, potentially leading to new all-time highs. The prolonged consolidation phase has kept traders on edge as they await a decisive breakout.
Expert Insights on Chainlink’s Potential Breakout
Renowned crypto analyst Lucky has shared a compelling prediction regarding Chainlink’s potential trajectory. According to Lucky, the crucial factor lies in LINK’s ability to break above its current consolidation range. This move would set the stage for a robust upward trend. He suggests that once this breakout occurs, Chainlink could rapidly ascend toward a short-term target of $15.
With bullish sentiment building around this major resistance level, Chainlink’s price action in the coming days could play a critical role in determining its future direction. Investors are closely monitoring the market, keenly watching for signals indicating that LINK is poised to break free from its long-standing range and embark on a new growth phase.
Chainlink Price Action Turning Bullish
Since reaching its yearly high in March, Chainlink’s price action has primarily been bearish, leading to a prolonged consolidation phase. However, many analysts believe this phase might be nearing its conclusion. A top analyst, Lucky, recently shared a bullish technical analysis on X, providing an optimistic outlook for Chainlink.
Lucky’s analysis reveals that LINK is trading within a falling wedge pattern, a formation often associated with potential bullish reversals. His chart indicates that Chainlink has touched the lower boundary of this wedge three times, suggesting strong support. It now appears to be gearing up for a breakout from its yearly consolidation range. Lucky predicts that this breakout could occur as early as October, potentially triggering a surge in LINK’s price.
Price Targets and Investor Expectations
Once Chainlink breaks out of this consolidation phase, Lucky has set several bullish price targets. The first target is $15, followed by more ambitious targets at $19 and $22. Achieving these price levels would mark significant gains from Chainlink’s current price and signal a strong recovery from the bearish trend that has dominated much of 2024.
With these bullish patterns emerging, investors are eagerly watching for Chainlink’s next move, anticipating that a major breakout could propel LINK toward these optimistic price targets.
Technical Analysis: Key Prices To Watch
Chainlink (LINK) is currently trading at $11.09, testing a key resistance level: the 4-hour 200 moving average (MA) at $11.10. This level has become a significant hurdle for bulls, as the price has struggled to break above the indicator. For the bullish momentum to continue, LINK must surpass this indicator and aim for higher supply zones around $13.
However, the current price action suggests that bulls are finding it challenging to gain strength at this critical level. Should LINK fail to break above $11.10 and reclaim the higher resistance, a correction may follow. In that scenario, the price could dip to a lower demand zone, with the next key support level at $9.2.
The coming days will likely determine whether LINK can maintain its upward trajectory or experience a pullback in price. A successful breakout above the 4-hour 200 MA could signal further gains, while failing to do so may result in a bearish correction.
