Chainlink Price Holds In Buy Zone As Analysts Eye Rally Toward $100

Chainlink price is showing renewed strength after a sharp recovery from the recent crypto market sell-off. Many traders have identified a strong accumulation zone for the LINK price between $16 and $20.

This range is showing up across multiple trading platforms. As a result, a breakout from this level may lead to a significant bullish move towards the $30 to $100 level.

Chainlink Price Forms Bullish Pattern Suggesting Breakout

Renowned market analyst Ali Charts shared a long-term triangular pattern suggesting that Chainlink price remains within a strong buy zone. His chart has shown higher lows since mid-2022.

This converging pattern often signals the potential for a significant breakout. The analyst believes that once the resistance level of $21.80 is breached, the LINK price could initiate a parabolic rally.

Additionally, Ali’s Fibonacci extensions indicated price targets at $32, $53, and $99.90. This projection puts $100 as the ultimate target if momentum picks up.

Moreover, the 0.5 retracement at $16.56 provides significant structural support to the bullish formation of the Chainlink price. Thus, holding above that zone would confirm the next macro uptrend.

Elliott Wave Patterns Point to Mid-Term Upside

Bitcoin Elliott Wave analysis by the Man of Bitcoin revealed an ongoing five-wave impulse structure on the 4-hour timeframe. He corrected his count a couple of days ago when the LINK price briefly dipped below $15.43.

It is still a correction rather than a trend change. According to his chart, the second corrective wave bottomed around $ 15.60. That’s approximately the 0.618 Fibonacci retracement level.

From this critical zone, the Chainlink price began a fresh push higher toward $20. If waves four and five follow as expected, the LINK price could advance toward $ 27.80 before testing $35.

The analyst stresses that maintaining the structure above $ 15.40 is crucial for bullish continuation. As a result, a sustained move below that level can negate the upward count and delay the larger rally.

Resistance Level Could Trigger Major Chainlink Price Rally

At the same time, CryptoWZRD’s daily technical outlook indicated that Chainlink price closed bullish against both USD and BTC pairs. He noted that LINKBTC’s support above the 0.0000170 resistance level strengthens the overall market strength.

He suggests a clean breakout above $20 could be on the horizon. A retest of the downward trendline near $23 may follow. As soon as that resistance is broken, the LINK price could enter an impulsive upside phase.

Furthermore, the intraday chart displayed a slightly choppy but optimistic pattern. Bulls look set to retake control soon, although a short sell-off towards $16.80 is possible.

Notably, CryptoWZRD points out that a persistent consolidation above $20.30 will indicate momentum is in favor of the buyers. Future liquidity conditions could significantly impact the price direction of LINK.

Bitcoin dominance is another factor that may influence its trend. These elements will help determine if Chainlink price continues its bullish run or faces a short-term correction.

Powerful Market Capitulation Recovery

Crypto NL credited LINK’s rebound from $8 to a solid technical recovery. This followed a steep 65% drop during the recent liquidation event. LINK price is now testing a significant resistance barrier near $20.

This level has the potential to lead to a breakout of $30, which he considers the next psychological level. Furthermore, his chart showed that once the $30 is cleared, the upside potential is dramatically higher towards $35 and beyond.

He noted that this recovery reflects the general market pattern for altcoins after an extreme capitulation. During the recent crash, the Chainlink price bounced back quickly after retesting long-term support.

Thus, this is indicative of restoring investor confidence and accumulation. The $8 retest may mark a generational low for LINK. It could serve as the foundation for a long-term bullish phase.