Chainlink (LINK) Eyes Breakout as Price Climbs 19.43% Weekly Toward $34–$36 Resistance

Chainlink ($LINK) has been in a defined symmetrical triangle pattern for an extended period, with price movement confined between converging support and resistance lines [1]. The formation suggests that the token is approaching a potential breakout phase, which could trigger a significant upward move. The pattern has shown recurring price highs and lows, with the most recent 24-hour increase standing at 5.45% and a weekly gain of 19.43% [1].

Analysts have identified key levels to watch. The first major resistance is estimated to be between $34 and $36, acting as a crucial checkpoint before the price could surge further toward $52, $72, and potentially $96 [1]. These targets align with Fibonacci extension levels, with the $34–$36 range representing the 0.786 retracement level and the $52 level corresponding to the 1.0 extension. The $72 and $96 levels are aligned with 1.272 and 1.618 extensions, respectively, and are referred to as long-term “Valhalla” checkpoints [1].

Strong support is observed between $15 and $18, a level that has repeatedly held since 2023. This support zone is critical in maintaining the bullish structure and reinforcing buyer confidence during pullbacks. Analyst Ali, @ali_charts, suggests that “one more retest before Valhalla” is likely, indicating a short-term rejection before a confirmed breakout [1]. The increasing trading volume at resistance levels also signals growing buyer participation, which could help push the price above the triangle’s upper boundary [1].

If Chainlink successfully breaks out of the triangle and sustains movement above $20 after a retest, it would validate the bullish structure and reduce the likelihood of a pullback [1]. This confirmation could trigger a surge in institutional and retail interest, particularly given the token’s multi-year consolidation phase. However, a failure to hold above the triangle could lead to renewed bearish pressure and a retracement toward key support levels.

Market participants are advised to closely monitor the $15 level as a clean breakout and sustained movement above this point could mark the beginning of a new upward trend. The coming weeks will be critical in determining whether the triangle breakout results in a sustained rally or a false signal [1].

Source:

[1] Chainlink ($LINK) Consolidates Within Symmetrical Triangle as Breakout Targets Loom

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