Chainlink (LINK) price breaking above $24 has attracted attention among market participants, with crypto analyst Ali Martinez considering it a potential impetus for greater uptrend momentum. The asset started experiencing difficulty on June 28, which saw it fall to a recent low of $15.42 on August 2. However, the asset managed to stabilize its moves and, since that time, made an impressive breakout. Today, its value is currently standing at $20.69, up 7.0% from yesterday.
LINK Confirms Breakout from Ascending Triangle Pattern
LINK witnessed a substantial rise of 7.0% today, breaking through a rising triangle pattern as pointed out by Ali’s data. This technical breakout captured the attention of the analyst, who believes it could catapult the virtual currency towards higher price targets.
As per data posted by Ali, the breakout from the rising triangle pattern signals a potential price move toward a possible price target of $95 for Chainlink. This forecast comes as the renowned decentralized oracle network cryptocurrency has already experienced this latest upturn movement since August 2nd, with its current value hovering at $20.69.
This breakout has instilled investors’ optimism in the asset’s upturn potential. Ali’s technical examination, reported today on X, shows how LINK’s trading chart breached resistance, breaking out of the rising triangle setup.
Chainlink Brings Data Streams for Wall Street
Trading price formation on LINK shows this breakout could be an indicator of a new phase in its current bullish rally. Since June 23rd, LINK’s price formation shows a pattern where the asset engages in a significant upturn after every drop. The latest drop began on July 22nd, leading to a consolidation until August 2nd. Thereafter, the asset began a climb and the formation of the rising triangle pattern. Breaking out from this pattern grooms the asset for future growth (as disclosed by Ali), considering its past price actions.
LINK reached its ATH of $52.70, achieved on May 10th, 2021. Its current breakout indicates the token could be preparing for further gains, fuelled by its decentralized oracle network expertise.
The main catalyst for LINK’s latest bullish movement is the rollout of Chainlink Data Streams for US stocks and ETFs. This product, which offers real-time, rapid speed pricing for mainstream investment assets like AAPL, NVDA, QQQ, and SPY, has already been integrated by prominent decentralized crypto platforms like Kamino and GMX.
