Chart Patterns and On-chain Metrics Signal a LINK Rally—Will Chainlink Break Out?

News

  • Chainlink approaches $13.01 resistance, indicating potential for a significant bullish breakout.
  • Technical indicators like Bollinger Bands and Stochastic RSI suggest rising buying pressure.
  • Increased on-chain activity and Open Interest point to growing trader confidence in LINK.

Chainlink (LINK) is inching closer to a breakout. On the daily chart, LINK’s price is squeezing into a large symmetrical triangle. This chart pattern often hints at an imminent surge. Trading at $12.00 as of writing, LINK has gained 4.55% over the last 24 hours.

A breakout above the critical $13.01 resistance could spark bullish momentum and fuel a rally. Meanwhile, the general market sentiment on LINK is bullish, as the post below highlights.

https://twitter.com/traderrocko/status/1851943245296615462?t=NW6ogGj3LNskOZb6-6g6qQ&s=19

A Triangle of Opportunity?

The symmetrical triangle on LINK’s chart, combined with narrowing Bollinger Bands, suggests that volatility may be on the way. The Bands indicate tightening conditions. With LINK’s price nearing the upper band at $12.12, a strong push above this level might confirm a shift toward bullish momentum.

In addition, the Stochastic RSI, currently at 64.21, shows rising buying interest. This indicator remains below overbought territory, which means LINK has room for further upward movement. The alignment of these technical factors reveals a promising setup where LINK could break past the triangle’s resistance and potentially rally.

On-Chain Signals Aligning with Bullish Momentum

Chainlink’s On-chain metrics bolster this technical outlook, showing increased activity across LINK’s network. Active addresses rose by 1.03% in the last 24 hours, signaling greater engagement. This activity can lead to sustained price strength. Furthermore, transaction counts climbed by 0.63%, indicating consistent network use and steady interest in LINK.

Open Interest in LINK Futures adds another layer of support. This metric surged by 13.14%, reaching $274.29 million. More traders are positioning themselves in anticipation of significant price moves. This increase often signals confidence among market participants, indicating readiness for action.

All eyes now rest on the $13.01 level. If LINK breaks above this mark, the path may open for an extended rally. With technical indicators, chart patterns, and on-chain signals hinting at bullish potential, LINK could soon capture the momentum traders desire.

The post Chart Patterns and On-chain Metrics Signal a LINK Rally—Will Chainlink Break Out? appeared first on Crypto News Land.

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