According to Ali Charts, Chainlink could experience a significant swing if it breaks the resistance at $24. The symmetrical triangle formation that has been forming since 2021 favors a multi-tier breakout structure. The first target of its analysis is at $31.8, which corresponds to the Fibonacci retracement of 0.786.
If this level is surpassed, bulls could push the price up to $52.3. Historical data shows that these setups typically develop in gradual stages, with consolidation between progressions. Therefore, a breakout above $24 could become the catalyst for a long-term bullish trend.
The analyst's projection goes even further: the long-term target could reach $98 in the event of a bullish impulse. Such a scenario would involve several subsequent tests of key resistance levels.
The stages of consolidation would give traders time to prepare for the next rise. The range of adjustment of the pattern implies that a decisive action could occur sooner.
This outlook is supported by the fact that previous peaks of Chainlink after accumulation have generated high percentage returns. Therefore, the combination of a mature chart pattern and a positive technical positioning supports the bullish price forecast for Chainlink that is currently forming.