Key Insights:
- Chainlink forms a triangle pattern with breakout targets at $53 and $100 if structure holds.
- $20.32 marked as key support; breakdown risks deeper moves to $17.5, $14.7, or $13.
- Reclaiming $25 could open a path to $30–$31 and extend to $37–$38 on sustained strength.
Chainlink (LINK) continues to trade within a long-standing symmetrical triangle pattern on the weekly chart. The structure has been forming since 2021, with the price moving between a descending resistance line and ascending support. Current trading levels near $21.10 reflect a position close to the apex of the pattern.
Technical analyst Ali referred to a potential move lower as an opportunity, stating, “A dip to $16 on Chainlink $LINK would be a gift.” This level aligns with the 0.5 Fibonacci retracement, sitting along the lower boundary of the triangle. The chart suggests a breakout could occur in late 2025, with the first target at $53 and a longer-term projection reaching $100, marked at the 1.272 extension.
Short-Term Action Shows Pullback and Support Formation
After a strong move from the June lows, LINK faced rejection around $28–$30, leading to a pullback toward the current $20–$22 range. On the 4-hour chart, price is holding near the 1.618 Fibonacci extension at $20.32, a level being watched as a key support zone.
Veteran trader Matthew Dixon – Veteran Financial Trader noted,
“$20.32 is a KEY level being the 1.618 extension of the a wave in the final Y wave down.”
This level is supported by historical price interaction and technical confluence. Below this, further supports are seen at $17.5, $14.7, and $13, all drawn from deeper extension levels.
Resistance Zones and Possible Upside Targets
If LINK maintains support around $20–21, a recovery toward $24–$25 is possible. This range acted as resistance during the most recent leg higher. A confirmed breakout above $25 could open the way toward $30–$31, aligning with previous highs. A break through that level would shift focus to the next target near $37–$38.
These resistance areas are noted in both short and long-term charts and remain critical for any continued upward trend. The price structure also supports the possibility of a broader accumulation range if immediate support fails to hold.
At press time, Chainlink was priced at $21.10, with a 24-hour trading volume of $895.4 million. The token is down 3% in the last 24 hours and has declined 13% over the past 7 days. Short-term price action continues to range between $20 and $22, while broader structure builds toward a potential breakout in the coming months.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
Source: https://coincu.com/analysis/chainlink-breakout-setup-targets-100/