Chainlink Prepares for Breakout as Double Bottom Pattern Takes Shape
Chainlink (LINK) is showing signs of a potential price breakout after forming a double bottom pattern around the $8-$9 zone, according to crypto analyst Crypto With Gopal. Buyers have defended this support area twice, creating a stronger base and pushing the token higher.
The recovery toward $12 resistance suggests momentum is improving, although confirmation still depends on a sustained breakout above that key level. If LINK manages to break through $12 convincingly, this double bottom pattern would be seen as a reversal indicator with implications for bulls to become more confident in the trade.
Grayscale has been expanding its holdings of LINK, with the most recent purchase adding 132,950 tokens valued at about $1.53 million from Coinbase Prime. The total amount of LINK tokens held by the ETF increases to about 10.66 million tokens, which could prove beneficial in building investor confidence.