Chainlink LINK Poised for Bullish Breakout: $98 Target in Sight

Chainlink's price action is approaching a critical juncture, with technical indicators and on-chain metrics converging to suggest an imminent breakout. A symmetrical triangle pattern forming since 2021 now points to potential upside upon clearing the $24 resistance level.

Market dynamics show sustained accumulation by the chainlink Reserve, which has absorbed 65,550 LINK worth $1.4 million at an average price of $16.83. This strategic buying pressure is tightening available supply, creating favorable conditions for upward momentum.

Analyst Ali Charts identifies $31.8 as the initial Fibonacci-based target, followed by intermediate resistance at $52.3. Historical patterns suggest these breakouts often occur in stages, with consolidation periods between upward moves. The ultimate technical target sits at $98, representing a potential 366% gain from current levels.