|

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.

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 price

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 price

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 price

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 price

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

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.

More from Lorenzo Stroe
Share:

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

By subscribing you agree to our Terms and conditions.

Editor's Picks

Ripple holds $1.82 support as low retail demand weighs on the token

Ripple (XRP) is trading between a key support at $1.82 and resistance at $2.00 at the time of writing on Thursday, reflecting the lethargic sentiment in the broader cryptocurrency market.

Aster declines for fifth straight day despite buyback efforts

Aster trades under intense selling pressure, recording 3% loss at press time on Thursday. The perpetual-focused exchange resumed its Stage 4 buyback program on Wednesday and currently holds almost 52 million ASTER tokens.

Crypto Today: Bitcoin, Ethereum hold steady while XRP slides amid mixed ETF flows

Bitcoin eyes short-term breakout above $87,000, underpinned by a significant increase in ETF inflows. Ethereum defends support around $2,800 as mild ETF outflows suppress its recovery. XRP holds above at $1.82 amid bearish technical signals and persistent inflows into ETFs.

Bitcoin steadies near $87,000 as strong ETF inflows offset bearish pressure

Bitcoin is attempting to stabilize, holding near $87,000 on Thursday after this week’s pullback. Institutional demand shows signs of optimism, as US-listed spot Bitcoin Exchange-Traded Funds (ETFs) recorded fresh inflows of over $457 million on Wednesday.

Orange Juice Newsletter – Smart insights by real people. Every day.

A free newsletter highlighting key market trends to help traders stay a step ahead. Daily insights on the most relevant trading topics, compiled by our experts in an easy-to-read format so you never miss an important move.

Bitcoin: Fed delivers, yet fails to impress BTC traders

Bitcoin (BTC) continues de trade within the recent consolidation phase, hovering around $92,000 at the time of writing on Friday, as investors digest the Federal Reserve’s (Fed) cautious December rate cut and its implications for risk assets.