Chainlink founder Sergey Nazarov’s vision has consistently focused on establishing a decentralized oracle network that connects blockchain smart contracts with real-world data, APIs, and traditional payment systems.
Analysis made by Globe of Crypto on X of the Chainlink price chart suggests that Chainlink price could be on the verge of a significant price increase.
Chainlink Bullish Pennant Pattern Analysis
The Chainlink price chart on a daily timeframe reveals a compelling bullish pennant pattern, a continuation pattern that follows a strong upward movement, known as the flagpole.
This pattern is defined by two converging trend lines forming a symmetrical triangle shape, where the price action has been consolidating. This setup is typically a precursor to a bullish breakout, indicating that the previous uptrend in Chainlink price might continue.
The pivotal moment for Chainlink investors came when LINK price broke out from this bullish pennant, as noted by the phrase “Breaking Bullish Pennant with solid candles“, on the Chainlink price chart. This breakout, characterized by solid, strong candlesticks, signifies buying pressure and momentum, suggesting that the Chainlink price is likely to surge. Such a breakout with solid confirmation on a daily chart is a strong bullish signal, pointing towards a potential increase in the Chainlink price.
Chainlink Potential Price Movement
Following the breakout, the Chainlink price prediction suggests a move that could mirror the height of the flagpole added to the breakout point. Analysis indicates this could lead to an 80-100% bullish move in the coming days. With the breakout occurring around $22.46, this projection places the Chainlink price target between approximately $40.43 and $44.92, showcasing the potential for a substantial increase in value.
Chainlink Current Price and Resistance Levels
At the time of this analysis on January 16, 2025, the Chainlink price was noted at $19.32, already showing a significant rise of 87.48% from the breakout level. Looking forward, key resistance levels to watch on the Chainlink price chart include psychological barriers around $30 and the ambitious target near $40, which could either act as hurdles or confirmation points for LINK’s continued upward trajectory.
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The breakout from the bullish pennant, especially with the solid candlestick confirmation, offers a strong bullish case for the Chainlink price prediction. If the LINK price sustains above the breakout level with continued buying interest, reaching the $40-$45 range appears feasible.
