Why Chainlink can hit $102 sooner than you realize: Key reasons
$23.4 is the support bulls need to defend to keep Chainlink's upward momentum alive.
Key Takeaways
There was a flurry of bullish news for Chainlink in recent weeks. Signs of accumulation and steady buying pressure meant that LINK would likely see further gains.
Chainlink [LINK] saw positive news developments in recent weeks.
The partnership with Japan’s SBI Holdings and the Bitwise Chainlink ETF filing were bullish catalysts for the altcoin, driving traction in the derivatives market.
The addition of LINK to the Chainlink reserve also reinforced the long-term sustainability of the network.
Bringing macroeconomic data onchain together with the U.S. Department of Commerce also brought interest from investors.
On top of the positive news, the long-term price action showed a symmetrical triangle pattern.
In a post on X, crypto analyst Ali Martinez pointed out that a bullish breakout from this pattern could see LINK go parabolic.
The chart posted outlined a price target of $102 in the coming months.
The analyst also noted the high outflow of LINK from exchanges. In the past 24 hours, 5.34 million Chainlink tokens were withdrawn from exchanges. This was indicative of accumulation.
LINK is likely to reach the $31 and $40 price targets
The weekly timeframe showcased the bullish market structure for LINK since mid-2023, when the price climbed past the $8 mark.
The rally from $8.08 to $30.94 in 2024 was used to plot a set of Fibonacci retracement and extension levels.
They showed that the 23.6% and 61.8% extension levels were the next targets, at $36.33 and $45.07.
The moving averages underlined bullish momentum, and the OBV reflected steady buying pressure in 2024, but a deep setback in the first few months of 2025.
The 1-day chart also showed a bullish market structure break (yellow). The key swing points on this timeframe were $15.43 and $27.87, with the $21.87 level being a minor low.
The technical indicators once again signaled buyer strength, and it was likely that Chainlink would continue to rally.
In the next few days, the $23.4 was the support bulls needed to defend to keep the upward momentum alive.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion
