LINK, the native token of the Decentralized blockchain oracle network Chainlink has shown significant resilience from the current market sell-off, as buyers manage to hold their grounds above $14.2 support. When a majority of major altcoins are in the correction phase, the LINK price provides a V-shaped recovery in the daily chart. With a nearly 10% gain on Friday, the buyers now tease a bullish breakout from neckline resistance of an inverted head and shoulder pattern, providing an opportunity for further growth.
Wavering on the market sentiment around the Bitcoin ETF launch, the Chainlink price has been traveling a sideways trend for the past two months. The coin price formed a notable price swing but no conviction of more buyers or sellers created indecisiveness among traders.
A look at the daily time frame chart shows the price swing when connecting through two trendlines indicating a widely known chart pattern called an expanding channel. This pattern formed during market uncertainty guides the price behavior resonating between two trendlines, before giving a decisive breakout.
On January 8th, the coin price witnessed its latest reversal from the pattern lower trendline to trigger a 30% upswing and hit $16.39. Amid the market sell-off yesterday, the LINK price witnessed a 7% drop but managed to hold ground above $14.2.
In a recent development tracked by IntoTheBlock, a significant move was observed in the $LINK market. Following a price dip, a whale investor seized the opportunity, investing $8.9 million to acquire 601,949 $LINK, each priced at $14.81. This substantial purchase was distributed across three new wallets, indicating a strong confidence in $LINK’s value.
With the renewed buying interest, the LINK price is 5% up and developing an inverted head and shoulder pattern. This bullish reversal pattern reflects a shift in market dynamics and an opportunity for buyers to lead significant recovery.
Currently trading at $15.2, the Chainlink price should breach the neckline resistance at $16.2. A potential breakout would bolster prolonged recovery to 15% to hit channel pattern resistance at $18.5.
A breakout above this barrier is needed to get better confirmation of sustained uptrend
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