Chainlink price gears up for new all-time highs following breakout
- Chainlink price had a significant breakout from a symmetrical triangle pattern.
- The digital asset has a price target of $38 in the long-term.
- Large Chainlink holders have taken profits from their positions.
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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.
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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.
Author
Lorenzo Stroe
Independent Analyst
Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.
