The price of Chainlink LINK has crashed by over 10% in the past week, with the altcoin now trading at around $20. While the crypto market appears bearish, a cryptocurrency analyst recently explained how a Chainlink triangle breakout setup could point to a massive $100 target for the asset’s price.
In a new post on X, analyst Ali Martinez has talked about a triangle pattern forming in the weekly price of Chainlink. The analyst notes that over the past year, the LINK price has been trading near the upper boundary of the triangle pattern, suggesting a potential break of its upper resistance. “Looks like the 1-week price of the coin has been trading near the upper boundary of the triangle,” the analyst wrote on X. “A dip to $16 on Chainlink $LINK would be a gift.” This gift Martinez is referring to is a buying opportunity before a potentially exponential rally.
Martinez highlighted in their chart what path the asset could end up following if it bounces off this level. Per the analyst, a rebound from the line could end up leading to a breakout from the triangle and set a potential target at the 1.272 extension level, drawn up from the 1 level. In Chainlink price terms, this level corresponds to almost $100: a 400% climb from current prices.
Recently, the native Chainlink cryptocurrency has also been a favorite amongst crypto whales. Indeed, large investors have purchased approximately 800,000 coins during the altcoin’s price drop period. As LINK’s price dipped towards the $21 mark over the last few days, whales have gotten active, purchasing what they suspect to be LINK trading at a premium entry point.
Furthermore, the $25 mark has served as resistance for LINK this month, and the altcoin is hoping recent developments could push it towards a rally past $25. A breach of that price could send LINK surging to $30 and even $40. Alternatively, Chainlink (LINK) price may remain consolidating for a while, followed by a breakout, per other analysts. Analysts at CoinCodex forecast the price of Chainlink to rise by 8.08% and reach $ 21.73 by October 25, 2025, amid a bearish market.
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