Chainlink price gears up for new all-time highs following breakout

Chainlink price just had another significant breakout towards $35.5, almost beating the all-time high of $35.69 established on February 14. Nonetheless, the bullish momentum continues as LINK aims for $38 in the long-term.

Chainlink price on the verge of a 10% move

Chainlink had a breakout from a symmetrical triangle pattern on the 4-hour chart with a price target of $38. After a brief pause at $35.5, it seems that LINK is ready to resume the bullish momentum. 

LINK/USD 4-hour chart

In the longer-term, Chainlink could be aiming for more. On the 12-hour chart, the digital asset remains contained inside an ascending parallel channel with a resistance trendline located at $36.67. A breakout above this point has the potential to drive Chainlink price towards $48.3. 

LINK/USD 12-hour chart

However, the concentration of whales holding Chainlink has significantly diminished in the past two weeks. Large holders with 100,000 to 1,000,000 LINK ($3,500,000 to $35,000,000) have exited the network, from a peak of 283 holders on February 3 to 262 currently. 

LINK Holders Distribution chart

This metric indicates that whales have been taking profits as they probably expect the digital asset to see a pullback eventually. 

LINK/USD 12-hour chart

A rejection from the upper trendline of the ascending parallel channel at $36.6 would push Chainlink price down to $31.6, which is the lower boundary of the pattern.