Chainlink (LINK) Targets $35 as Bullish Pennant Signals 17% Breakout 

• LINK trades at $29.31 and forms a bullish pattern suggesting a 17% breakout.
• Traders are watching LINK closely as it nears the breakout point.
• A move above resistance could drive Chainlink to hit the $35 price level soon.

Chainlink (LINK) is consolidating within a bullish pennant formation on the 1-hour chart and shows signs of a strong upward move. Currently trading around $29.31, the pattern signals a possible breakout that could push the price up by 17.83%. Analysts believe this technical setup may lead LINK to reach a target of $35 if the breakout gains momentum.

Source: World Of Class

The price action has been narrowing between two trendlines as the upper boundary slopes downward and the lower support rises steadily. This behavior is typical in bullish pennant patterns, which often form after a strong uptrend.

At this point, LINK is holding close to resistance, and a breakout above this level may confirm the continuation of the upward trend. Analysts note that the measured move from the formation’s height suggests the price could increase by approximately $5.25, taking it toward the key psychological level of $35.

Traders and Community React to LINK’s Potential

World of Charts, a well-known analyst, recently shared this analysis and sparked interest among traders. The post discussing LINK’s bullish pennant gathered over 11,800 views and generated strong engagement across the trading community.

Many traders are optimistic about the possibility of a breakout, with some speculating that the price could even exceed $35 if momentum continues.

However, not everyone shares the same level of confidence. Some market participants have raised concerns about broader market conditions and whether external factors could influence LINK’s performance.

Despite differing opinions, there is clear agreement that the technical setup presents an opportunity for an upward move. Traders are now watching closely to see if the breakout happens with enough volume to confirm the bullish signal.

Will Chainlink Confirm Its Bullish Setup?

Chainlink’s current price movement raises one major question: will the bullish pennant result in a breakout toward $35? The answer depends on whether LINK can break above the resistance trendline with strong buying activity. Without sufficient volume, the price could remain within the consolidation range and delay any further upward movement.

As LINK’s price hovers near the breakout zone, traders remain focused on the outcome of this formation. A successful breakout could push Chainlink into a new price range, making it a key asset to watch over the coming days.

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