Chainlink Price Prediction: Path To Bullish Breakout, $16 Soon?

Chainlink (LINK) price gained attention as its action moved above key resistance levels. Recent technical patterns suggested a possible continuation toward the $16.00 mark, supported by momentum on both USD and BTC trading pairs.

Chainlink Price Breaks Out of an Ascending Channel

Notably, Chainlink price breakout from an ascending channel has raised expectations of further upside.

According to analysts, on the 2-hour chart, LINK moved decisively through upper channel resistance near $13.90 and is now trading around $14.14. The breakout was accompanied by higher trading volumes.

In addition, technical projections showed that Chainlink price may surge toward the $15.70–$16.00 zone.

This aligns with historical resistance levels observed in April. The analyst noted that the top altcoin remained confined in a small range over the past few days.

Besides, the ascending channel had worked as a continuation pattern previously. As a result, a breakout of the trend added weight to the possibility of a rally.

Chainlink price channel support between $13.30 and $13.60 has been tested several times and has remained intact. The reliability of this pattern has been confirmed through this price action.

$14.40 Resistance is a Bullish Trigger for LINK Price

Another analyst, CryptoWZRD, noted that Chainlink price $14.40 resistance zone represents a crucial level.

According to his daily technical outlook, a close above $14.40 would place Chainlink price in bullish territory, increasing the likelihood of a push toward $16.00 and above.

More so, that same analysis also showed that LINK ended the previous daily candle on a strong note.

Consequently, this pointed to a continuation of subsequent moves provided Chainlink price held onto its gains above the $14.40 mark.

Intriguingly, this was a rejection level in several prior sessions, and a clear indication of strength in the immediate trend.

The intraday chart showed consolidation near this threshold, implying the market is waiting for confirmation before initiating new positions.

LINKBTC Breakout Adds Bullish Strength

In addition to Chainlink price movement on USD pairs, the LINKBTC chart has shown a breakout above a long-term descending trend line.

This trend line had previously limited the LINK performance against Bitcoin over the past months. A clear break above it may be an indicator of improved relative strength.

CryptoWZRD pointed out that LINKBTC closed bullish after several months of lower highs. According to the analyst, this development was a notable change in the technical state of LINK and implied that the crypto was gaining market share over Bitcoin.

In the past, such activities in LINKBTC have been followed by prolonged rallies in LINKUSD. A continued rise in the LINKBTC pair would reinforce demand and help maintain the upward push in LINKUSD.

It may signal that the altcoin was benefiting from renewed investor interest in altcoins, especially as Bitcoin dominance begins to stabilize.

According to the analyst, if the LINKBTC pair sustains above the trend line, the probability of the LINKUSD pair reaching $16.00 increases further.

Chainlink Derivatives Surge as Volume and Longs Increase

Meanwhile, Chainlink derivatives data indicated a 54% gain in volume to $982.58 million as well as an open interest gain of 14.50%.

The long/short ratio in exchanges held levels higher than 1.0, indicating an increasing bullish sentiment of traders, particularly on Binance and OKX.

Additionally, top trader metrics signaled greater long positioning: Binance had a ratio of 2.5199 in long/short accounts and 1.4742 in the position-based ratio.

Liquidation was mostly short-biased with the wiping of 724.63K in the last 24 hours. This further fueled Chainlink price upward momentum towards the $16 level.

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