Chainlink (LINK) has finally broken out of a multi-year price pattern, capturing the attention of traders and investors. Both chart data and on-chain information indicate potential growth.
Multi-Year Triangle Breakout
Trader Crypto Patel shared a chart showing Chainlink breaking out of a long-term triangle formation that has been developing since 2021. A breakout from such a setup often leads to significant price increases. Patel highlights the importance of maintaining a price above the $16–$17 range, which could open the door to targets of $35 and $50. In an optimistic scenario, he believes the token could even reach $100 in this market cycle. Additionally, he indicated a higher target of $230, though achieving that would likely take more time.
Whale and Shark Activity
Data from Santiment shows that large Chainlink holders have been increasing their token holdings. Since the beginning of August, the number of wallets holding between 100,000 and 1 million LINK has grown by 27, which is a 4.2% increase. Together, these wallets now own 0.67% more of the total LINK supply than they did just a week ago. This buying wave began as the price moved back above $18.40, indicating that big players are positioning themselves for further growth. Historically, significant accumulation by whales has often been followed by strong price movements.
Chainlink's Growth Prospects
With both a technical breakout and support from major holders, Chainlink may be on a path to $35 and beyond if it can maintain the $16–$17 price range. The activity of large holders confirms trends from previous periods when such accumulation led to notable price swings.
Chainlink has demonstrated a significant breakout that has heightened investor and trader interest. Support from large holders and positive price dynamics may contribute to further token growth in the coming months.
