Chainlink Bulls Eye $30 Target But Must First Overcome Crucial Resistance

Prominent market analyst Ali Martinez has outlined some bullish insights on the Chainlink market regarding short-term price ￰0￱ development comes amid a rather volatile moment as LINK prices have declined by almost 5% in the past day following a double price rejection at the $24.80 ￰1￱ Reading: Chainlink Primed For Takeoff: Liquidity Sweep Strengthens Bullish Outlook LINK Bulls Face Key Test At $25 Before Potential Run To $30 In an X post on September 19, Martinez shares an in-depth technical analysis highlighting that Chainlink (LINK) is approaching a decisive moment, having previously tested the $25 resistance zone, a price point crucial to the next bullish leg of the altcoin.

Notably, Martinez’s analysis also suggests that LINK is consolidating within a symmetrical triangle, with volatility compressing ahead of what could be a significant ￰2￱ press time, LINK trades around $23.60, just below the crucial $24.80–$25 zone, which aligns with the 0.618 Fibonacci retracement ￰3￱ renowned analyst notes that clearing this barrier could unlock the path toward $27.85, the 1.0 Fibonacci extension, before LINK sets its sights on the $30.12 target (1.272 Fibonacci level). Beyond that, the altcoin could also seize a potential move toward $31.39, if bullish momentum continues. Meanwhile, the symmetrical triangle pattern indicates a period of indecision between buyers and sellers, but as the price action coils tighter near the apex, the likelihood of a breakout ￰4￱ current market demand intensifies under this condition, the $25 breakout could act as the ignition point for a larger rally.

However, failure to breach resistance could send LINK back to lower support levels around $23.30 (0.382 Fib) before attempting another ￰5￱ a bearish case, LINK could break below the symmetrical triangle, with potential support zones set around or even $22.30 (0.236 Fib) or $20.85 (0). Related Reading: MetaMask’s Long-Rumored Token May Arrive ‘Sooner Than Expected’, CEO Says Chainlink Market Overview At the time of writing, Chainlink continues to trade at $23.61 after a price decline of 6.02% in the last seven ￰6￱ negative performance only underlines the struggles of LINK in the past month, during which it declined by 11.30%. Meanwhile, recent information shared by Coin Bureau indicates Chainlink ($LINK) may be on the verge of a supply shock as exchange balances have dropped to their lowest levels since ￰7￱ sharp decline signals that holders are moving coins off exchanges, reducing immediate sell pressure and tightening available ￰8￱ the same time, Martinez also reports that whale activity has surged, with nearly 2 million LINK accumulated in the last 48 hours, underscoring strong confidence from large ￰9￱ combination of reduced exchange liquidity and aggressive whale accumulation is often a precursor to a sharp, significant rally, as demand outpaces available ￰10￱ image from Flickr, chart from Tradingview