Date: Tue, February 4, 2025 | 04:19 AM GMT
The cryptocurrency market is bouncing back strongly after a sharp sell-off, fueled by news that the United States has delayed tariffs on Canada and Mexico following discussions with President Trump. Bitcoin (BTC) has reclaimed the $100K mark after dropping to $91K, while Ethereum (ETH) has surged back to $2,800 from a low of $2,100.
Amid this market recovery, Chainlink (LINK) is making a significant comeback after experiencing a sharp correction. The token has rebounded by 21% from its recent low and is currently trading around $21.
Source: Coinmarketcap LINK Retests Key Breakout Level
According to chart analyst Bit Amberly , LINK has successfully broken out of a three-year-long symmetrical triangle pattern on the weekly timeframe. The breakout occurred on November 22, 2024, when LINK surged above the triangle’s upper resistance trendline at approximately $15 which pushed it s price to local high of $31.
Chainlink (LINK) Weekly Chart/Source: @bitamberly (X) However, due to recent market turbulence, LINK briefly retested this breakout level, making a low of $15.40 before bouncing back. Now that LINK has reclaimed its position above this critical level, analysts suggest that if it holds above the $15–$17 range, the next potential upside targets are $31, $53, and $100.
Can LINK Sustain the Momentum?
The symmetrical triangle breakout is a bullish continuation pattern, and its successful retest could indicate the beginning of a strong upward move. If Bitcoin and the broader market continue recovering, LINK might be poised for a significant rally.
For now, LINK’s bullish momentum depends on holding above its breakout level. If it can maintain strength above $21, an attempt to test $31 could be next.
Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before making investment decisions.
