Date: Fri, Aug 08, 2025 | 06:50 AM GMT
The cryptocurrency market is gaining strong upside momentum again as Ethereum (ETH) reclaims the $3,900 level for the first time since late 2024. Riding that bullish wave, Chainlink (LINK) has emerged as a standout performer among major altcoins.
$LINK surged 13% today, extending its monthly gain to more than 35%, and a developing harmonic pattern on its daily chart suggests there may still be more room for the rally to continue.
Source: Coinmarketcap
Harmonic Pattern Hints at Potential Bounce
On the daily timeframe, LINK is forming a Bearish ABCD harmonic pattern — a classic formation that, despite its name, typically involves a bullish CD leg before price reaches the potential reversal zone (PRZ).
The structure began with a sharp rally from point A around $13.20 to point B, then corrected down to point C near $15.44, where bulls stepped in again. The price has since rebounded and is now trading around $18.70, confirming that the CD leg is in full motion.
Chainlink (LINK) Daily Chart/Coinsprobe (Source: Tradingview)
According to harmonic principles, the CD leg could extend toward the 1.461 Fibonacci projection of the BC leg, which targets a PRZ near $22.54. If realized, this would represent an additional 18–20% upside from current levels.
What’s Next for LINK?
The momentum appears to be building in LINK’s favor. A continued push toward the $22.54 area would complete the ABCD pattern, but this zone could also act as a strong resistance, potentially triggering short-term profit-taking or a pause in the uptrend.
On the downside, the 200-day moving average (currently at $15.78) is now acting as key support. Holding above this level will be crucial to maintain the bullish structure and avoid invalidation of the pattern.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always do your own research before making investment decisions.
