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- Chainlink (LINK) has dropped 5.6% weekly but holds strong monthly gains.
- Analyst Ali Martinez sees $16 as the “most bullish setup” for LINK.
- Fibonacci levels project a possible breakout to $98–$100.
Chainlink (LINK) has declined 5.63% over the past week, trading around $22.30 at press time. Despite the pullback, the altcoin has held on to a 20.88% monthly gain, leaving many recent buyers still in profit. The token’s daily trading volume has also cooled, falling 58.12% to $567.14 million.
Market sentiment remains neutral, according to the Fear & Greed Index at 48, but analysts are pointing to a potentially explosive setup that could define LINK’s next major cycle.
Martinez Sees Bullish Opportunity at $16
Veteran analyst Ali Martinez highlighted that LINK’s weekly chart shows a long-term symmetrical triangle pattern spanning from 2021 through 2025. According to him, a short-term retest of the $16 support zone could create the “most bullish setup” for LINK holders.
The $16 level coincides with the 0.5 Fibonacci retracement, a key accumulation point where renewed buying pressure often emerges. From there, Martinez projects LINK could begin a sustained rally toward $31.88, $52.30, and even approach $100.
Fibonacci Levels Point to $98 Price Target
Martinez’s analysis relies on Fibonacci retracement and extension levels mapped against LINK’s multi-year price action. Specifically, the 1.272 Fibonacci extension level suggests a target of $98.15, nearly 350% above current prices and over 500% higher than the proposed $16 retest zone.
Such a move would mark a new all-time high for Chainlink, surpassing its $52.88 peak in May 2021.
Also Read: Chainlink (LINK) Poised for Rally as Holder Profits Soar and Supply Hits Multi-Year Low
Consolidation Could Fuel Breakout
LINK’s consolidation inside the triangle has tightened price action and reduced volatility for nearly four years. Historically, prolonged consolidations often precede decisive breakouts. For LINK bulls, the key will be defending support above the $16–$17 range and breaching resistance near $30.
Failure to hold $16, however, could weaken the bullish thesis and expose lower supports at $12 or $9.
A Critical Setup Ahead
Chainlink’s recent pullback may be setting the stage for its largest rally in years. With $16 as the critical launchpad, analysts believe LINK could climb toward triple-digit territory if institutional demand and technical structures align. For investors, patience around this support could be the difference between enduring short-term pain and capturing long-term gains.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses
I’m your translator between the financial Old World and the new frontier of crypto. After a career demystifying economics and markets, I enjoy elucidating crypto – from investment risks to earth-shaking potential. Let’s explore!
