Chainlink (LINK) price trajectory is interesting as it hovers above a multi-year support level. Crypto analysts, including @AMCryptoAlex and @ProdDesignerSam, have analyzed the tokenâs price action, with predictions of a potential breakout if the $20 resistance level is breached.Â
The recent price behavior and long-term trend have prompted bullish outlooks by both traders and investors. At press time, LINK trades at $12.30 as per CoinGecko data.
Multi-Year Support Remains Intact
According to a tweet from @AMCryptoAlex, Chainlink has been holding above a key multi-year support trendline that has been active since early 2018.Â
The trendline, highlighted in yellow on the chart shared by the analyst, shows multiple rebounds off this level, signaling strong buyer interest. As long as LINK continues to respect this support, it remains in a favorable position for potential upward movement.
The analyst pointed out that the current price of LINK is approaching the critical $20 mark. Historically, this level has acted as a key resistance point. Should LINK manage to surpass this price, it could trigger a new wave of buying pressure, pushing the token higher.
Potential Breakout Above $20
The $20 price level is seen as a pivotal point for Chainlink. Analysts believe that a break above this threshold could open the door to more substantial gains.Â
@AMCryptoAlex suggests that once the price crosses $20, the token could experience an accelerated rally, potentially leading to what is often described as a âmoonâ scenario.
Such price movements typically attract new buyers and additional liquidity, driving the price higher. This aligns with general market behavior seen in past crypto breakouts, where overcoming key resistance levels can spark sustained rallies.
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Predictions of a Rally Toward $150+
Another analyst, @ProdDesignerSam, added to the bullish sentiment, predicting that Chainlink could climb beyond $150.Â
In his tweet, he emphasized the strong public endorsement of Chainlink by major financial institutions, including the Depository Trust & Clearing Corporation (DTCC). This backing, combined with positive technical indicators, provides a solid foundation for the analystâs optimistic price target.
While the prediction of a rally to $150 remains speculative, it has gained traction within the LINK community, especially among the so-called âLink Marinesâ who are known for their support of the token.
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