Renowned analyst Ali suggested in a recent Twitter post that Chainlink (LINK) might be gearing up for a breakout from a bullish flag formation. As traders eagerly await confirmation, speculation about the potential implications for LINK’s price movement is rife.
The technical analysis shared by Ali indicates a pattern resembling a bull flag on the Chainlink charts, a classic signal of potential upward momentum. According to Ali’s tweet, if the breakout materializes, a retest of the $14 level seems likely before Chainlink makes its ascent toward the $20 mark.
The cryptocurrency is presently valued at $14.96, experiencing a 24-hour trading volume of $632 million, marking an almost 11% increase. LINK has risen by 5.37% in the past 24 hours. Its current position on CoinMarketCap is #11, boasting a live market capitalization of $8 billion. The circulating supply of LINK coins is 556,849,970, with a maximum supply capped at 1,000,000,000 LINK coins.
The crypto market is no stranger to the excitement generated by such predictions, and Chainlink enthusiasts are closely monitoring the charts for any signs of the anticipated breakout. A move beyond the $14 resistance zone could serve as a confirmation of the bullish pattern, paving the way for further gains.
LINK experienced a staggering 40% plunge after the FTX collapse. However, its resilience in the face of adversity, bolstered by a judiciously managed exposure to the crypto exchange, coupled with strategic development updates, has paved the way for a remarkable recovery in its price trajectory.
Over 180% Profits for November 2022 Chainlink Buyers
Those who seized the opportunity to acquire LINK in November 2022 at the modest price of $5.68 are now reveling in over 180% profits as of today. The resurgence of Chainlink’s value can be attributed to a confluence of factors that have unfolded in recent months.
One key driver has been the introduction of a cutting-edge proof-of-reserve product, showcasing Chainlink’s commitment to innovation and staying ahead of the curve in the dynamic crypto landscape. This move has not only instilled confidence among existing investors but has also captured the attention of new market participants.
The growing adoption of Chainlink’s technology has further fueled its ascent as various industries recognize the robustness and versatility of its decentralized Oracle network. This widespread acceptance is translating into increased demand among professional investors, a trend underscored by the remarkable performance of Grayscale’s Chainlink Trust.