Chainlink Price to $98? Analyst Confirms Bullish Breakout As LINK Reserves Reach $1.4M

Chainlink has reached a critical stage as its price tightens in a long-term consolidation pattern. The market has demonstrated resilience amidst the volatility in recent times. Constant accumulation by the Chainlink Reserve is increasing pressure on the supply side. This consistent stacking may provide support to any breakout momentum that may come in the following weeks. Together with positive technical configurations, such conditions are preconditioning a possible strong rally.

Analyst Projects Chainlink Price Is Gearing Up for a Major Surge

According to Ali Charts, Chainlink could make a major swing in case it breaks the $24 resistance. The symmetrical triangle formation that has been forming since 2021 is in favor of a multi-leg breakout structure. The first target of his analysis is at $31.8, which is the 0.786 Fibonacci retracement. 

In case this level is cleared, bulls may push the price to the level of $52.3. Historical data shows such setups usually unfold in measured stages, with consolidation between progressions. Therefore, a breach of $24 may become the catalyst for a long-term up-trend.

The projection by the analyst goes even further where the long-term target could be as high as $98 in case of a bullish momentum. Such a scenario would entail several subsequent retests of major resistance levels in the process. 

The stages of consolidation would give traders time to build up to the next leg up. The tightening range of the pattern means that a decisive action could occur sooner. 

The outlook is supported by the fact that previous post-accumulation spikes in Chainlink have resulted in high percentage returns. Therefore, the combination of a mature chart pattern and a positive technical positioning support the bullish Chainlink price forecast currently forming up.

Chainlink Reserve Continues Stacking LINK

The Chainlink Reserve has already stacked 65,550 LINK worth 1.4 million with an average price of $16.83, gradually depleting the supply in the open market. Scarcity is normally a consequence of reduced availability and it has been the cause of price rise in the past when demand remains firm. 

The long-term confidence in the market potential of LINK is a sign of the strong strategy of the Reserve. Also, this constant purchasing can affect sentiment and bring more speculative interest. 

The tokens left on the exchanges may fetch higher bids as the liquidity on the exchanges shrinks. Thus, should stacking continue, the supply squeeze may continue to rise, in line with bullish technical patterns to drive a sharp rally.

Is Stage Set for $98?

Conclusively, the symmetrical triangle breakout target by the analyst seems to be becoming more realistic. The consistent stacking is increasing scarcity of the LINK, setting the perfect environment for a rally. A breakout above $21.6 would likely trigger the projected path toward $31.8, $52.3, and ultimately $98. With both technical momentum and supply constraints aligning, the analyst’s bullish outlook holds strong merit and could unfold sooner than many expect.