Analyst Predicts Chainlink Rally To $20 Based On This Pattern

An analyst has pointed out how Chainlink might be breaking out of a bull flag right now, which could suggest a rally toward $20. Chainlink Is Escaping Out Of A Bull Flag Pattern Currently In a new post on X, analyst Ali pointed out a breakout that may be forming in the LINK price chart.

Timeline of Chainlink

A popular crypto analyst is remaining bullish on one red-hot altcoin that more than doubled in value within a few weeks. Pseudonymous trader Altcoin Sherpa tells his 197,900 followers on the social media platform X that the gaming studio and NFT (non-fungible token) marketplace platform Vulcan Forged (PYR) has more room to run.

Chainlink has been absolutely unstoppable in its recent rally with the LINK price shooting another 10% to $14.85 as of press time. Interestingly, the LINK price has surged close to $15 for the first time in 19 months.

Grayscale Chainlink Trust (OTCQB: GLNK) is currently trading at a 200% premium to spot prices, indicating high institutional demand. Chainlink community ambassador @ChainLinkGod highlighted the growth on his X handle.

Amidst the recent surge in the altcoin market, Chainlink (LINK) has emerged as one of the top-performing medium-cap digital assets. Over the past four weeks, LINK's price has surged by approximately 76%, reaching around $13.46 during the early London session on Wednesday.

On-chain data shows there is major resistance ahead for Chainlink, a sign that could be troubling for the rally's sustainability. Only 55% Of Chainlink Investors Are In Profit So Far As explained by an analyst in a post on X, Chainlink is still behind Bitcoin in terms of investor profitability despite the LINK price outperforming BTC in the year so far.

HashKey Exchange has announced the listing of Chainlink (LINK) on their platform. The listing allows professional investors to trade LINK/USD, and deposits and withdrawals are available via the ERC20 network.

Chainlink (LINK) price has stagnated at the $11 range as bulls struggle to extend the rally further. On-chain analysis pinpoints 3 critical metrics that could trigger a prolonged consolidation phase in the days ahead.

With Bitcoin stabilising close to the $34K mark, the overhead rejection at $35K brings an abrupt halt in the booming altcoin market. Altcoins like LINK display a price trend, losing momentum as it approaches the next resistance level.

Currently, Chainlink's price is gaining ground above the $10.00 mark and the 100-day simple moving average against the US dollar. On the daily chart for the LINK/USD pair (data source: Kraken), there's an important bullish trend line taking shape, with support around $8.60.

The announcement of LINK's Staking v0.2 may have given the altcoin a bullish edge. However, investors and traders may have to wait for a move above $7.87 to invalidate any bearish bias.