Chainlink breaks multi-year triangle, holding above $16–$17 to keep bullish momentum alive.
Technical targets include $35, $50, and $100, with $230 possible under strong macro conditions.
Price gains 8.54% in 24 hours, 31.02% in 7 days amid heavy trading volume.
Chainlink (LINK) has exploded to $20.95 following a valid breakout out of a multi-year triangle structure. The shift is the result of years of consolidation and sets the cryptocurrency up to make potential large gains should it hold support levels.
Breakout Structure and Key Support Levels
Chainlink’s recent breakout from a multi-year triangle on the two-week chart marks a notable structural shift in its price action. This formation emerged after a prolonged accumulation period, providing a technical base for upward continuation.
The price range of 16-17 dollars is considered the main support area, which saves the bullish structure. The failure to keep within this band would have the risk of opening deeper levels of retracement levels and stability within this band is keeping the break out scenario valid.
Analyst Perspective on Target Projections
According to analyst Crypto Patel, holding above $16–$17 preserves the path to key upside targets. The first target lies at $35, aligning with logical resistance levels for a medium-term move.
Patel further notes that continued bullish momentum could extend gains to $50 and possibly $100, with a longer-term potential of $230. This projection is based on the measured move technique, calculating the height of the triangle from its base to apex.
Market Context and Momentum Signals
Chainlink’s price increase of 8.54% in the last 24 hours and 31.02% over the past week reflects strong trader participation. Trading volume in the same 24-hour period reached $1.33 billion, reinforcing the breakout’s credibility.
Momentum indicators on the two-week timeframe are being monitored for signs of divergence or overbought conditions. A retest of the former triangle resistance as support could offer favorable entries for traders seeking confirmation before engaging in the next upward leg.
