Chainlink Price Breakout Imminent as Sergey Nazarov Joins Federal Reserve Meeting
Chainlink's price is currently stuck in a descending channel on its 4-hour chart, according to Bybit data. The price has been forming lower highs and lower lows within this channel for weeks.
The channel's upper boundary sits at $12.208, while the current price is around $10.879. A close above $12.208 would represent a clean breakout of the channel, potentially leading to higher prices.
This development comes as Chainlink co-founder Sergey Nazarov is set to attend an event with leaders from BlackRock and Vanguard at the Philadelphia Fed on September 24. This appearance could further strengthen Chainlink's institutional narrative.
However, a close below $10.495 would suggest that the channel is resolving lower rather than higher, potentially leading to lower prices in the coming weeks.