Chainlink Approaches Six-Year Triangle Breakout as Price Tests $26–$27 Resistance

Chainlink’s six-year symmetrical triangle shows persistent accumulation since 2019, with price now approaching resistance at the $26–$27 range.

VRVP data reveals major accumulation at $6.5–$8 and $22, while thin liquidity above $31 signals room for rapid expansion.

Breakout confirmation above $26.5–$31 sets trajectory toward $31, $50, and $100, supported by ascending structure and rising two-week RSI momentum.

Chainlink (LINK) is approaching a decisive technical structure, with analysts pointing to a potential breakout from a six-year symmetrical triangle. The price is pressing against long-term resistance, raising anticipation of a larger directional move.

Price Approaches Long-Term Triangle Resistance

A two-week chart shared by Jonathan Carter outlines a large symmetrical triangle that has been developing since 2019. The pattern shows a rising base meeting a descending resistance from the 2021 peak.

Currently, LINK trades near the upper border of this structure, around $26–$27, where price action has tested resistance several times. The candles are holding against the trendline rather than rejecting, suggesting pressure is building within the formation.

Carter notes that the longer price compresses inside the triangle, the more forceful the breakout is likely to be. This has drawn attention to the coming weeks as critical for the token’s trajectory.

Key Technical Signals Support a Breakout

The structure is supported by a sequence of higher swing lows along the ascending base. Notably, the last two were established around the broader support area of $11.5–$15.5, showing consistent demand absorption at lower levels.

Volume Profile analysis (VRVP) also shows thick accumulation nodes around $6.5–$8 and $22, reflecting areas of long-term buying interest. In contrast, a thinner supply zone exists above $31, leaving fewer resistance clusters if LINK can close above this threshold.

Momentum indicators appear constructive. The two-week Relative Strength Index is climbing from mid-range levels, suggesting conditions are not overextended and may support additional upside pressure if a breakout occurs.

Breakout Targets and Risk Levels

Carter outlines a breakout confirmation with a two-week close above $26.5–$31. A successful expansion could open targets at $31, $50, and potentially $100 if momentum sustains.

The $31 level is marked as a macro pivot, while $50 aligns with the top of a multi-year resistance area. The $100 projection reflects the measured move potential of the triangle’s structure.

On the downside, failure to maintain $22 after an attempted breakout could risk a reversal. In such a scenario, price may revisit $15.5 or $11.5, where long-term support has previously held.

The post Chainlink Approaches Six-Year Triangle Breakout as Price Tests $26–$27 Resistance appears on Crypto Front News. Visit our website to read more interesting articles about cryptocurrency, blockchain technology, and digital assets.