Chainlink Price Could Soar to $46 If Bulls Hold Support

Chainlink price is stable around $17, with analysts expecting a possible upward move towards $46. Technical charts showed a combination of bullish and bearish indicators. Meanwhile, whale activity continues to influence sentiment throughout LINK’s on-chain landscape.

Chainlink Price Outlook Points to Key Levels Ahead

Analyst Ali discussed a simple strategy for Chainlink investors and highlighted $15 as a good accumulation zone. According to his projection, profits could be taken around $46, if the rally comes true.

Ali’s long-term chart showed that the Chainlink price has been trading within an ascending channel since 2023. Price action repeatedly honoured these boundaries, with $15 representing the lower trendline support.

He pointed out that previous dips reached the 0.618 Fibonacci retracement level. Each time, they were followed by significant rebounds. Based on past performance, this setup could result in a 200% or greater move, provided momentum continues to build.

Furthermore, the structure implied that Chainlink’s trend is intact despite recent fluctuations. A sustained move above $20 may confirm bullish continuation and renew investor confidence.

Triangle Formation Indicates Short-Term Uncertainty

According to CryptoPulse, the Chainlink price is consolidating inside the symmetrical triangle formation. This structure signified indecision as buyers and sellers fight for control.

The bullish scenario envisages a breakout above the upper boundary, targeting the $20 resistance zone. A contrary breakdown under $15.8 can lead to a retest of the $15 support.

CryptoPulse emphasized that the Chainlink price is currently in a compression range. The following price move could be crucial for its medium-term direction. Volume contraction supports this phase of consolidation, with a hint of potential volatility expansion.

However, the analyst added that the overall trend remains neutral until a confirmed breakout or breakdown occurs. Momentum indicators suggest that traders are waiting for a signal to commit to prominent directional positions.

Whales Buying Up LINK In Range Trading

Meanwhile, on-chain data from Onchain Lens showed a lot of whale activity during the recent price consolidation. A new wallet was created and withdrew 276,000 LINK (or $4.95 million) from Binance.

The address is now in possession of a total of 1.619 million LINK tokens with a value of around $29 million. Analysts take this large withdrawal as an indication of long-term accumulation rather than short-term speculation.

This whale activity is associated with a stabilization stage between $15-$18. Historically, similar behaviour on-chain has preceded major upward movements in LINK’s market cycle.

The withdrawals signaled the increased confidence between the major investors. Chainlink price continued to consolidate in key support zones. These transfers could create downward pressure on exchange supply. This resulted in upward pressure once demand gathered strength.

Pattern Risk Persists for Chainlink Price as Analysts Warn of Bear Flag

However, analyst Man of Bitcoin noted that the Chainlink price is still in a range. It is making a possible bear flag pattern. The chart shows resistance around $20.19 and firm support around $15.03.

A strong break below $15.03 could mean that the second corrective wave is continuing. In that case, deeper retracement levels around $13.37 may come into play before a rebound takes place.

The analyst suggested patience as traders should wait for a better structure before taking a fresh position. Current consolidation gives an indication of a battle between continuation and reversal patterns.

Still, the larger Elliott Wave count does make sense for the possibility of a multi-leg advance, once wave two is complete. If confirmed, the Chainlink price could continue its uptrend towards the $27-$30 resistance cluster in the next few months.