Chainlink has picked up pace after spending much of the month moving between roughly $8.1 and $8.5. The token is currently trading at $8.75, after increasing by roughly 4% in the last 24 hours. The latest jump pushed its monthly gains to around 10%.
Traders are now waiting for a breakout to confirm the developing bullish structure.
Closing In on a Major Breakout
According to CryptoPatel’s latest analysis, LINK is nearing a major move and could reach targets as high as $100. The market watcher said the asset is trading in a bullish order flow, which is one of the strongest long-term accumulation zones on the chart.
As such, a confirmed higher-timeframe close above $10.87 could open the way toward $25, $50, and $100. A higher-timeframe close below $4.761, however, would invalidate the setup. Holding above $10.87 would also turn the structure decisively bullish.
TheBoss also echoed a similar view and said that LINK is “approaching a decisive point.” The trader explained that the weekly chart has spent months building a base above the long-term support zone. The descending trendline is now pressing into the current structure. Compared with the previous analysis, the setup has matured significantly, and the price appears to be closer to a potential trendline breakout.
The trader highlighted RSI, MACD, and ADX as important indicators for momentum. A clean break above the descending trendline would strengthen the structure. Losing macro support would invalidate it.
LINK also drew attention from Standard Chartered, which sees strong long-term potential if tokenization growth accelerates. The bank has set a $200 price target for the asset by the end of 2030.
Exchange Outflows, Whale Moves and Network Growth
Exchange balances took a hit last week after 1.26 million LINK tokens were pulled out in a single day, which could ease immediate selling pressure. The move comes amid several developments across institutional and crypto networks. For instance, the DTCC listed Chainlink among its technology providers for tokenized US securities trades, while CCIP expanded its support across institutional and crypto networks, such as Canton and Robinhood Chain.
Whale activity has also increased. The network recorded 246 separate transactions worth more than $100,000 in 24 hours, which happens to be its highest daily level in five months. Wallets holding between 100,000 and 10 million LINK hold 466.31 million tokens, equal to 46.57% of the total supply. The activity of these holders has historically tracked the asset’s price fairly closely.
The post Chainlink (LINK) Could Be Heading for $100, But This Level Stands in the Way appeared first on CryptoPotato.
Source: https://cryptopotato.com/chainlink-link-could-be-heading-for-100-but-this-level-stands-in-the-way/
