Chainlink (LINK) price breaks out with 45% rally, now at $24.08
Link Price Chart
ChainLink (LINK) has demonstrated a significant shift in momentum, breaking out of its medium to long-term falling trend channel.
This breakout signals a potential deceleration in the rate of decline or the beginning of a more horizontal price development. The bullish momentum was catalyzed by the completion of an inverse head and shoulders pattern, with the resistance break at $13.49 serving as a key confirmation of this reversal.
Following the breakout, LINK's price surged, achieving the technical target of $17.67, as projected by the pattern. Notably, despite reaching this target, bullish sentiment persists, suggesting that further upside remains likely.
The absence of any notable resistance levels on the price chart supports the potential for continued price appreciation.
However, traders should remain cautious of potential pullbacks. In the event of a negative price reaction, LINK has established support around the $18.70 level. This support could act as a critical defense point, mitigating deeper corrections.
The technical outlook for LINK remains bullish, driven by strong chart signals and the absence of resistance barriers. Investors should monitor price action closely, especially around the $18.70 support, to gauge the sustainability of the upward trend.
On the last December 3, Chainlink's (LINK) token surged to $26.90, marking a 45% increase from a low of $18.58 and reaching its highest price since January 2022. This recent significant rise in LINK reflects growing optimism among market participants about the asset's future.
