Chainlink’s price is currently forming a bullish pattern, testing strong resistance at $30.89, with short support holding near $28.24, with its price currently trading at $29.67.
Crypto analyst World of Charts on X noted that LINK price is forming a bullish pennant, a pattern that is often followed by major price movements. The analyst noted that a successful breakout could propel the token towards a target of approximately $35.
LINK Price Action Analysis
The analyst noted that the price action of LINK price has led to the formation of a symmetrical triangle. This pattern is made up of converging support and resistance trendlines. The tightening range shows a balance between buying and selling pressures, creating a breakout.
The World of Chart page analyst noted on the chart that a breakout above the upper trendline of the triangle is a bullish signal, suggesting that buyers are gaining control. Historical data shows that such breakouts often lead to significant price increases.
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Based on the height of the triangle, the expected move from the breakout point suggests a potential gain of around $5.32. This translates to a 17.41% increase, placing the projected price target at around $35.72.
A successful move above the resistance trendline could not only signal a continuation of the bullish trend but also open the door for LINK prices to reach new highs soon.
