Chainlink Price Eyes $10 as Bullish Pennant Points to Breakout

Chainlink (LINK) is trading near $9.49, up 1.31% in 24 hours.

The token has formed a bullish pennant pattern, which often signals a potential breakout after a strong upward run, according to crypto analyst Quinten.

A confirmed breakout above the pennant's resistance could open the path toward the $10 level, Quinten said. The price is currently consolidating inside the pennant while selling pressure remains controlled, he added.

Traders are also watching activity in the derivatives market, where LINK-denominated open interest has climbed to almost 29 million tokens, a level not seen since the October 9 crash.