Date: Mon, Dec 16, 2024, 10:23 AM GMT
The cryptocurrency market continues to shine as major altcoins ride the bullish wave following Bitcoin’s (BTC) impressive surge to a new all-time high of $106,000 today. Among the standout performers is Chainlink (LINK), which has captured the spotlight with its consistent gains which is is up by 6% today, adding to an already impressive 115% rally in the last 30 days.
Source: Coinmarketcap
Fueling this momentum is the recent accumulation of LINK by Donald Trump’s World Liberty Financial, which acquired 78,387 LINK tokens at an average price of $25.51, worth around $2 million. This significant purchase has bolstered investor confidence, indicating institutional interest in LINK’s long-term potential.
Key Breakout
On the technical front, Chainlink (LINK) recently confirmed a key breakout from a symmetrical triangle pattern, a classic technical indicator signaling the potential for further price acceleration. The breakout pushed $LINK to a day high of $3.82, indicating strong bullish momentum after surpassing its descending upper resistance trendline at $30.30.
Currently, LINK is trading at $30.58, maintaining strong momentum. A closer look at the chart reveals that the $30.96 level—the recent high within the triangle—is a critical zone to watch. If LINK successfully clears this resistance, it could spark a more substantial rally.
A breakout above $30.96 would likely target $35.00, representing a 13% upside from the current price. This target aligns with the measured move of the symmetrical triangle, which typically projects a price increase equal to the pattern’s height.
Is More Rally Ahead?
If Chainlink (LINK) sustains its breakout momentum and decisively moves above the $30.96 resistance, the next key target to watch is $35.00. Such a move would represent a significant upside and could pave the way for even higher price levels in the coming weeks.
However, traders should keep an eye on potential retracements. If LINK fails to hold above $30.40, it may retest the breakout zone before attempting another move higher.
Conclusion
Chainlink’s recent breakout marks a pivotal moment for the token, backed by technical strength and institutional accumulation. As the broader cryptocurrency market remains bullish, LINK appears well-positioned for further gains. Investors and traders will now closely monitor the price action around $30.96 for confirmation of continued upward momentum.
Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.
