Chainlink LINK Triangle Pattern Signals Potential $100 Rally Despite Market Correction
Chainlink's LINK token has dropped 10% over the past week, trading around $20 as bearish sentiment dominates the cryptocurrency market. However, a bullish technical pattern suggests a potential dramatic reversal. Analyst Ali Martinez has identified a weekly triangle formation, with LINK currently testing the upper boundary. A decline to $16 could present an optimal accumulation opportunity before a potential 400% surge toward $100.
Martinez's chart analysis indicates that a rebound from the triangle's support line might trigger a breakout, targeting the 1.272 Fibonacci extension level. This prediction coincides with cryptocurrency whales accumulating 800,000 LINK tokens, demonstrating institutional confidence in the oracle network's native asset.
