Chainlink Explodes Higher as Bulls Shatter Key Resistance Level; What’s Next

The Chances of a Parabolic Chainlink Rally are Surging; What Analysts Think

Chainlink has been lagging behind Bitcoin and the rest of the market throughout the past few weeks
This trend is coming to an end, however, as bulls have stepped up and propelled the cryptocurrency significantly higher today
It still has a way to go before it sets all-time highs, but its current momentum does seem to indicate that serious upside could be imminent in the short-term
One trader spoke about its technical outlook in a recent tweet, explaining that it was just able to break above a multi-month consolidation range that it had been caught within
He notes that this may allow for it to see some serious upside in the days and weeks ahead

Chainlink has been lagging behind the entire crypto market throughout the past few weeks, with it largely hovering within the lower-$10.00 region while many of its counterparts rallied.
This consolidation appears to have come to a firm end today, with bulls taking full control of its price action as they send it up towards its all-time highs.
It still has room to rally before it reaches the $20.00 region, which has long proven to be a resistance zone for the cryptocurrency. A firm break above could allow it to enter price discovery mode, sending it to new highs.
Chainlink Explodes Higher Following Consolidation Phase
At the time of writing, Chainlink is trading up over 15% at its current price of $16.00. This marks a massive surge from its recent lows of $8.00 that were set in December when the entire market saw a flash crash.
From here, its price rallied until it reached the $14.00 region, which is around the time it began facing some intense resistance that slowed its growth.
The break above this level was significant and sent it flying up to its current price levels. Bulls are now trying to flip $17.00 as support.
LINK Breaks Key Trading Range as Analysts Eye Upside
One trader explained in a recent tweet that the recent breakout rally allowed Chainlink to shatter a multi-month trading range.
He notes that this could mean that a move up to its all-time highs of roughly $20.00 is imminent.
“LINK: Broke out of a long consolidation range. Retesting the P.O.B is where most traders will look to enter on a retest and/or add to positions with confirmation,” he said while pointing to the below chart.

Image Courtesy of Pentoshi. Source: BTCUSD on TradingView.
The coming few days should offer significant insights into where Chainlink and other altcoins will trend next.
Featured image from Unsplash.
Charts from TradingView.

bitcoin
Bitcoin (BTC) $ 66,693.87
ethereum
Ethereum (ETH) $ 3,253.61
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 604.89
solana
Solana (SOL) $ 158.04
usd-coin
USDC (USDC) $ 0.999893
staked-ether
Lido Staked Ether (STETH) $ 3,253.70
xrp
XRP (XRP) $ 0.549165
dogecoin
Dogecoin (DOGE) $ 0.162020
the-open-network
Toncoin (TON) $ 5.91
cardano
Cardano (ADA) $ 0.506944
shiba-inu
Shiba Inu (SHIB) $ 0.000027
avalanche-2
Avalanche (AVAX) $ 39.45
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 66,776.89
polkadot
Polkadot (DOT) $ 7.39
bitcoin-cash
Bitcoin Cash (BCH) $ 507.60
tron
TRON (TRX) $ 0.113318
chainlink
Chainlink (LINK) $ 15.40
near
NEAR Protocol (NEAR) $ 6.89
matic-network
Polygon (MATIC) $ 0.754035
internet-computer
Internet Computer (ICP) $ 14.84
litecoin
Litecoin (LTC) $ 86.43
uniswap
Uniswap (UNI) $ 8.06
hedera-hashgraph
Hedera (HBAR) $ 0.165366
leo-token
LEO Token (LEO) $ 5.74
dai
Dai (DAI) $ 0.999482
aptos
Aptos (APT) $ 9.91
blockstack
Stacks (STX) $ 2.86
ethereum-classic
Ethereum Classic (ETC) $ 28.19
first-digital-usd
First Digital USD (FDUSD) $ 1.00
mantle
Mantle (MNT) $ 1.16
crypto-com-chain
Cronos (CRO) $ 0.133245
render-token
Render (RNDR) $ 9.09
filecoin
Filecoin (FIL) $ 6.44
immutable-x
Immutable (IMX) $ 2.39
stellar
Stellar (XLM) $ 0.119427
cosmos
Cosmos Hub (ATOM) $ 8.81
pepe
Pepe (PEPE) $ 0.000008
dogwifcoin
dogwifhat (WIF) $ 3.35
okb
OKB (OKB) $ 55.47
bittensor
Bittensor (TAO) $ 495.52
renzo-restaked-eth
Renzo Restaked ETH (EZETH) $ 3,183.87
arbitrum
Arbitrum (ARB) $ 1.19
vechain
VeChain (VET) $ 0.042850
xtcom-token
XT.com (XT) $ 3.05
kaspa
Kaspa (KAS) $ 0.128540
the-graph
The Graph (GRT) $ 0.296216
maker
Maker (MKR) $ 2,941.94
optimism
Optimism (OP) $ 2.57
fetch-ai
Fetch.ai (FET) $ 2.48