Chainlink Breakout Eyes 35% Rally as Accumulation Zone Confirmed
Chainlink (LINK) is making a strong move upward after breaking out of its accumulation zone, according to recent analysis. The token was trading near $13.56 on September 25 and has since broken above key long-term exponential moving averages.
This breakout confirms the bullish scenario outlined in August, which required LINK to reclaim $9.48 before targeting the broader $15-$18.60 resistance region, up 35% from current levels.
On the weekly chart, LINK has moved above its 20-week EMA near $10.46, 50-week EMA near $11.27, 100-week EMA near $12.55, and 200-week EMA around $12.65.
A cup-and-handle setup on the four-hour chart also suggests a bullish structure, with LINK breaking above both the handle's descending resistance and the pattern's neckline near $13.32.