Chainlink has continued its upward movement with a 6% increase today. This follows LINK’s price reaching $19 for the first time since May. After this peak two days ago, the price declined slightly, but it is now looking strong again.
Commenting on how high the price can spike, World of Charts made a post. LINK price broke out from a triangle pattern and had a successful retest, as revealed in the 3-day price analysis posted by World of Charts. Following this breakout and successful retest, the analyst sees the possibility of a 200% rally for Chainlink.
Based on the Chainlink chart analysis, the first major resistance is around $22-$23, which corresponds to a horizontal level that LINK struggled with previously. Beyond that, the chart projects a price target of $60, which aligns with historical resistance from the peak price activity in 2021.
The highlighted price target of $60 represents an over 200% increase from the current price of $18.
So, why is it possible? When the price breaks out from such a triangle pattern, bulls typically rush in to strengthen the move. Many people enter out of Fear Of Missing Out (FOMO), which can create buying pressure. Such a move usually targets the top of the broken channel, and in this case, it is around $60.
