Chainlink price gears up for new all-time highs following breakout
|- Chainlink price had a significant breakout from a symmetrical triangle pattern.
- The digital asset has a price target of $38 in the long-term.
- Large Chainlink holders have taken profits from their positions.
Chainlink price just had another significant breakout towards $35.5, almost beating the all-time high of $35.69 established on February 14. Nonetheless, the bullish momentum continues as LINK aims for $38 in the long-term.
Chainlink price on the verge of a 10% move
Chainlink had a breakout from a symmetrical triangle pattern on the 4-hour chart with a price target of $38. After a brief pause at $35.5, it seems that LINK is ready to resume the bullish momentum.
LINK/USD 4-hour chart
In the longer-term, Chainlink could be aiming for more. On the 12-hour chart, the digital asset remains contained inside an ascending parallel channel with a resistance trendline located at $36.67. A breakout above this point has the potential to drive Chainlink price towards $48.3.
LINK/USD 12-hour chart
However, the concentration of whales holding Chainlink has significantly diminished in the past two weeks. Large holders with 100,000 to 1,000,000 LINK ($3,500,000 to $35,000,000) have exited the network, from a peak of 283 holders on February 3 to 262 currently.
LINK Holders Distribution chart
This metric indicates that whales have been taking profits as they probably expect the digital asset to see a pullback eventually.
LINK/USD 12-hour chart
A rejection from the upper trendline of the ascending parallel channel at $36.6 would push Chainlink price down to $31.6, which is the lower boundary of the pattern.
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