The price of Chainlink (LINK) has finally broken free from a long period of consolidation, surpassing its bottleneck and preparing for the next wave of bullish momentum. This breakthrough not only marks an end to a prolonged state of stagnation, but also suggests that the chain may be on the verge of reaching new historical highs.

Although the LINK token has seen little activity over the past period, this significant breakthrough may indicate a change in the market's perception of its value — it’s time for bulls to refocus on it. While there are numerous use cases provided by the platform, the relative stability of LINK's price also hints that, with the influx of market capital, it has the potential to rise sharply and even challenge Ethereum's trend, setting new highs.

Recent market dynamics have also been quite positive, with Chainlink potentially becoming the next promising token for spot ETFs. This news is undoubtedly a bullish signal, implying that institutional investors' confidence is increasing, which could trigger a rebound. After battling against bearish forces and successfully fending off selling pressure, LINK's price has continued to rise, demonstrating strong market momentum.

On the technical side, Chainlink is preparing for a breakout. The current formation of a doji weekly candle signal indicates that the battle between bulls and bears has reached a fever pitch, with price support and resistance formed at $19.07 (0.786 FIB) and $16.01 (0.618 FIB) respectively. Meanwhile, the RSI has broken through the downward trend, showing that bulls are rebuilding a sustained upward trend. Most importantly, Chainlink is likely to experience its first-ever weekly golden cross, which is undoubtedly a strong driving force for the rebound.

It is expected that Chainlink will continue to accumulate over the coming period, and with a significant increase in buying volume, the price will embark on a new round of increases, targeting the $50 mark. Although trading volume has not yet reached bullish market levels, once it breaks through, LINK could see a more intense surge.

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