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Chainlink Breakout Signals 200% Surge—Can LINK Reach New Highs?
The cryptocurrency market is witnessing a dramatic shift as the price of Chainlink’s native token, LINK, has been steadily climbing over the past week. This upward momentum is fueled by an imminent breakout signal that could propel the asset to unprecedented heights.
At present, LINK is hovering around $15.5, having successfully held onto the crucial support level at $12. This resilience demonstrates growing investor confidence and bullish sentiment in the market. Notably, this accumulation is occurring amid strong on-chain data indicating a significant increase in buying pressure.
The chart analysis reveals a striking pattern that could catapult LINK to new all-time highs. A potential bull flag formation has emerged, which, if successfully confirmed, would allow the asset to surge by an astonishing 200%. This development holds enormous implications for investors, as it may potentially unlock a long-term rally and create new market opportunities.
The technical setup is bolstered by the recent partnership between Chainlink and Abu Dhabi Global Market (ADGM). This strategic alliance underscores Chainlink’s commitment to fostering institutional adoption in finance and tokenization. The significance of this collaboration cannot be overstated, as it will provide regulatory compliance and security for these transactions.
Moreover, on-chain data from IntoTheBlock reveals that approximately 90 million LINK tokens have been accumulated by over 20,000 wallets at the $14.6 level. This unprecedented accumulation suggests that investors are now focusing on a strong uptrend in this asset, further validating the breakout signal.
As the market navigates this critical juncture, traders and analysts alike must ponder whether the link (pun intended) between the technical setup and fundamental analysis will be strong enough to propel LINK past the $18 resistance level. If successfully breached, it would open up new avenues for growth, potentially reaching previously unseen heights.
However, if LINK fails to clear this hurdle, a temporary pullback could occur before another attempt is made at a breakout.
Source: https://cryptonewsland.com/can-link-reach-new-highs/
