Chainlink Price Analysis: A 300% LINK Breakout Awaits After Multi-month Consolidation 

Chainlink Price Analysis: A 300% LINK Breakout Awaits After Multi-month Consolidation 
  • Captain Faibik has plotted a symmetrical macro triangle that is in the final stage before an imminent breakout.
  • After several LINK price attempts to break the falling logarithmic trend, the analyst thinks the altcoin is ready to rally upward.

The Chainlink (LINK) network opened the week on a positive note, with its average daily traded volume up about 110 percent in the past 24 hours to about $190 million. Additionally, LINK price edged more than 6 percent higher in the past 24 hours to trade around $6.59 during the early London market on Monday. The collective positive fundamentals in the past few months have helped the Chainlink network gain more on-chain activity. Moreover, the Chainlink BUILD program has onboarded dozens of new protocols seeking to scale with reliable Oracle data and professional support.

According to a Chainlink (LINK) technical analysis conducted by Captain Faibik, the altcoin is on the verge of a major breakout after months of consolidation. Notably, the analyst highlighted that the Chainlink buyers have been accumulating in the past year, and the pressure has significantly built up upon the bears. Furthermore, the weekly RSI has been forming a bullish divergence in the past year amid horizontal consolidation that looks like a perfect head and shoulder formation.

As a result, Captain Faibik expects LINK price to rally as much as 309 percent after it breaks out from the upper border of the symmetrical macro triangle. Otherwise, the analysts do not expect the LINK price to fall under the lower support border, which has strongly held in the past year. Nonetheless, the Chainlink (LINK) bullish outlook could be invalidated if price action pushes below $4.8, which could mean a falling trend on the weekly time frame.

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