Chainlink ($LINK ) is in the spotlight as it consolidates after a breakout, setting the stage for its next rally. Analysts have identified key targets at $33.02, $36.31, and $40.11, signaling strong accumulation and bullish momentum.
Post-Breakout Consolidation Signals Accumulation Phase
$LINK is currently trading within a consolidation range of $22.50 to $24.50 after emerging from a descending wedge pattern. This sideways movement is typical of an accumulation phase, where buyers are positioning themselves for the next bullish move.
A breakout above the $24.50 resistance level could trigger LINK’s next upward leg, backed by increased trading volume.
The double-bottom pattern on the 4-hour chart further supports a bullish reversal, with a neckline at $25.00.
Key Price Targets for LINK
Market analysts, including VipRoseTr, have highlighted three critical price levels:
$33.02: Historical resistance and the first step toward bullish continuation.
$36.31: A significant level aligned with Fibonacci extensions.
$40.11: A psychological and technical target that could confirm Chainlink’s regained momentum.
If LINK breaks above $24.50, these targets could become achievable as market sentiment shifts further bullish.
Technical Indicators Support Bullish Outlook
Relative Strength Index (RSI): Currently at 65.03, showing room for more upside before entering the overbought zone (~70).
Support Levels: The critical support to watch is at $22.50, with a potential retracement to $20.00 if LINK fails to hold above this range.
Resistance Levels: Immediate resistance lies at $24.50; breaking this level could validate the bullish thesis.
Chainlink’s Long-Term Prospects
With strong accumulation, robust technical patterns, and bullish momentum, LINK is well-positioned for a significant price rally. Traders are now closely monitoring volume and momentum to confirm the breakout and sustain the bullish trend.
Will LINK Hit $40?
Chainlink’s consolidation and accumulation phase suggest it’s gearing up for a powerful breakout. As long as it maintains support above $24.50, the next targets of $33.02, $36.31, and $40.11 could be within reach.
