Chainlink Breaks Out of Trendline on Strong Volume
Chainlink's price has broken out of its descending trendline after weeks of grinding lower. The coin has finally shown some real conviction, and the chart is starting to look like a buying opportunity.
The breakout candle on the 1-hour chart was particularly large, with volume dwarfing anything seen during the downtrend. This suggests that buyers are stepping in with size, rather than just nibbling at the trendline.
According to recent data, spot Chainlink ETFs have accumulated $5.36 million this week alone, with a total of 2.1% of LINK's supply held by these funds. This level of consistency is telling, as it indicates steady accumulation rather than fast money moving in and out.
The base case scenario for this breakout is that it will spend some time consolidating between $10.898 and $12.209 as the market digests both the breakout and the fresh ETF inflow news before committing to the next leg.