Chainlink LINK: Multi-Year Ascending Triangle Signals Potential Major Breakout
Chainlink (LINK) is showing notable resilience, holding a critical multi-year support level around $14.28. Technical analysts are highlighting the formation of a long-term ascending triangle pattern, with the asset repeatedly testing and holding its rising trendline established since 2020. This price action suggests sustained accumulation by long-term investors.
The price remains compressed within a $14 to $17 range, with volatility hitting multi-year lows—a consolidation phase that historically precedes significant directional moves. Market observers are watching the descending upper boundary of the triangle, which has capped LINK's bullish momentum since its 2021 all-time high.
Volume analysis indicates a pause in distribution, replaced by steady accumulation. 'The market is building energy like a coiled spring,' one trader noted, comparing LINK's tightening range to the pre-breakout conditions witnessed in 2020.
