Chainlink price is breaking out! The price is heading towards the yearly highs of $22.89 with the aim of establishing a bullish path towards the ATH. The price recorded one of the most bullish monthly closes with a rally of over 80%, not seen since the 2021 bull run. The price printed huge bullish candles then, and hence, a similar pattern suggests that the LINK price is at the foot of a massive breakout, which could push the levels beyond a 3-digit number.
The catalyst for the surge is Chainlink’s recent announcement of a partnership with 21X, Europe’s first tokenized securities trading and settlement system, to launch the first EU-regulated financial market infrastructure. With this, the LINK price broke through the resistance at $19.25 with significant force, surging above $20 in the last few hours. All eyes are now on $22.90, which is around the yearly highs, and a breakout of this range could propel the price towards a new ATH.
Chainlink’s monthly chart displays a breakout from the multi-year symmetrical triangle before reaching the apex. This suggests strong bullish momentum has built up since last month as buying volume has revived after being largely under bearish influence since the start of the year. The immediate target could be around $34.2 at 0.618 FIB, which could pave the way for the price to reach the ATH at 1 FIB at $52.88.
Meanwhile, technical indicators have adjusted in favor of the bulls as the RSI has just launched an incremental range along the ascending support, as it did during the 2021 bull rally. On the other hand, the MACD, which was on the verge of a bearish crossover, has reversed as buying pressure mounts. Therefore, there are clear signs of a bullish continuation with the upper targets mentioned on the chart, provided the yearly close is above the pattern.
Chainlink is widely considered undervalued despite being an integral part of not only DeFi but also traditional finance, insurance, real estate, gaming, etc., and many others. However, the integration into other financial entities, including DTCC, and now with 21X, highlights the potential of the project. Thus, LINK price is expected to perform well in the coming days and unlock higher targets, initially above $100.
