Chainlink (LINK) has broken out from a triangle pattern, and projections suggest it could be a massive move.
Crypto analyst Clifton FX on X revealed a symmetrical triangle formation on the weekly chart of LINK price against Tether (USDT). This pattern is made up of price consolidating between converging trendlines, representing upper resistance and lower support.
Historically, symmetrical triangles signify a period of indecision, often preceding a substantial price movement.
LINK Price Could Spike 5x
Based on the level of the symmetrical triangle on the chart, the analyst is projecting a price target in the range of $90 to $100. This target shows a potential upside of over 5x from current levels, making it a good prospect for investors.
Following the breakout, the previous resistance trendline of the triangle is expected to serve as a new support level. In the event of a pullback, monitoring nearby support levels (approximately $18-$20) will be crucial. A sustained hold above these levels would further validate the breakout and suggest continued bullish momentum.
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LINK price breakout potentially gives a good opportunity for traders. With a possible price target of $90-$100 and the confirmation of bullish patterns, the LINK price could be ready to fly.
