Chainlink price is currently facing resistance after breaking out of an extended consolation zone. LINK price is down 2.1% in the last 24 hours and is trading at $14.71. After surging to an intra-day high of $15.15, Chainlink encountered rejection. However, a key historical pattern on the LINK chart promises a potential 167% rally in the coming days. Can LINK deliver on this promise?
Historic Pattern Repeats: What It Means for Chainlink Price
During the previous market cycle, Chainlink price soared to a high of $53 before the bear market began. LINK price dropped to a low of $3.66 before entering a period of consolidation that lasted over 1 year. This was followed by a 167% breakout in late 2023, when the early phase of the 2025 bull market began.
Over the past 8 months since March 2024, LINK price action has repeated the above pattern; on November 4, Chainlink broke out of the consolidation zone. If history repeats, the price of LINK is expected to surge by 167%, which would put it at around $35.
Chainlink Price Analysis: Bullish Signals or Warning Signs?
Chainlink price forecast shows the asset is struggling below the $15.35 resistance level. This zone was tested twice before and proved to be a strong resistance. Chainlink will need extra juice to break through.
Key resistance levels to watch for include $15.35, $16.73, and $18.50. On the flip side, Chainlink will likely find support around $13.40; below that, the price would drop into the $10-$13 range.
The Chainlink relative strength index (RSI) is at 56.20 and rising, signaling that buying pressure is increasing. There is a short resistance around 57, but if it rises higher than this, Chainlink price could blow past the $15.35 resistance.
The trading volume dropped by 28% in the last 24 hours, which means market activity has dropped. This could be because the $15.35 resistance level serves as a profit-taking zone, resulting in a pullback.
Can LINK Realistically Reach $40?
A Chainlink price rally to $40 is possible since the crypto asset has hit those prices before. The rising RSI shows the buying pressure is increasing on the asset. The historical pattern also suggests Chainlink returning to $40 and beyond is possible.
Additionally, the monthly total value enabled soared to $17 billion in November, up from $16 billion in October. With such a huge number, the demand for LINK is bound to surge in the future. This means a price increase to $40, and even $100 is possible.
The post Chainlink Price Analysis: Can LINK Soar to $40 As Historic Pattern Repeats? appeared first on CoinGape.
