Chainlink Consolidates Ahead of Potential Rally Toward $40 Zone

Chainlink (LINK) is currently trading around $17.21, exhibiting subdued momentum as it consolidates within a large symmetrical triangle pattern following a significant 46% correction from recent highs. Analysts note that holding the key structural support zone around $15 is vital to maintain the bullish structure; a drop below $13 could lead to a deeper retracement toward $7. The asset has been in a prolonged accumulation phase for over two years, with recent sideways movement between $15 and $19 suggesting a build-up of demand. Technically, LINK is oscillating between $16.80 and $17.70, and a sustained close above $17.50 signals short-term momentum. Analysts maintain a bullish long-term outlook, suggesting that a confirmed breakout above the $18.85 resistance could trigger a strong recovery, potentially targeting the $30 to $40 range.

(Source：Brave New Coin)