LINK is trading at $29.31 and forming a bullish pattern, suggesting a 17% breakout.
Traders are watching LINK closely as it approaches the breakout point.
A move above the resistance could see Chainlink reach the $35 price level soon.
Chainlink (LINK) is consolidating inside a bullish pennant formation on the 1-hour chart and is showing signs of a strong upward move. Currently trading around $29.31, the pattern signals a potential breakout that could push the price up by 17.83%. Analysts believe that this technical setup could lead LINK to a target of $35 if the breakout gains momentum.
Fonte: World Of Class
Price action has been narrowing between two trendlines, while the upper boundary slopes downward and the lower support rises steadily. This behavior is typical in bull flag patterns, which usually form after a strong uptrend.
At this point, LINK is holding near resistance, and a break above this level could confirm the continuation of the uptrend. Analysts note that the movement measured from the formation’s height suggests that the price could increase by approximately $5.25, taking it towards the key psychological level of $35.
Traders and Community React to LINK’s Potential
World of Charts, a well-known analyst, recently shared this analysis and sparked interest among traders. The post discussing the LINK bull flag has garnered over 11,800 views and generated strong engagement in the trading community.
Many traders are optimistic about the possibility of a breakout, with some speculating that the price could even exceed $35 if the momentum continues.
However, not everyone shares the same level of confidence. Some market participants have raised concerns about broader market conditions and whether external factors could influence LINK’s performance.
Despite differing opinions, there is a clear consensus that the technical setup presents an opportunity for an upward move. Traders are now watching closely to see if the breakout occurs with enough volume to confirm the bullish signal.
Will Chainlink Confirm Its Bullish Pattern?
Chainlink’s current price action raises a big question: will the bull flag result in a breakout towards $35? The answer depends on whether LINK can break above the resistance trendline with strong buying activity. Without sufficient volume, the price may remain within the consolidation range and delay any further upward movement.
As LINK’s price hovers near the breakout zone, traders remain focused on the outcome of this formation. A successful breakout could push Chainlink into a new price range, making it a key asset to watch over the next few days.
$LINK Targets $35 as Bullish Flag Pattern Signals 17% Breakout
