Chainlink (LINK) Displays Bullish Pattern as Analyst Predicts Price Targets of Up to $73

Crypto analyst Alex Clay has shared a technical analysis suggesting a potential buying opportunity for Chainlink (LINK) after its retracement to key support levels.

Crypto analyst Alex Clay has shared a technical analysis suggesting a potential buying opportunity for Chainlink (LINK) after its retracement to key support levels. The analysis points to multiple price targets based on chart patterns and technical indicators.

The monthly chart by Alex displays a cup and handle pattern formation in LINK’s price action from mid-2021 through 2023. The cup shape formed during an extended consolidation period, while the handle emerged in the latter part of the pattern in 2024.

A breakout from this formation occurred near the $20.66 price level. The current price action shows LINK testing this breakout point, which serves as a support level on the charts. At press time, LINK trades at $20.37. The token’s value dropped by 1.2% over the past 24 hours, but gained over 3% in the past seven days.

Price Targets Set Across Multiple Timeframes

Clay outlined specific price targets for different trading horizons in his analysis. The mid-term objectives place the first target at $38.35, followed by a second target at $47.30.

The long-term price projections extend further, with an initial target of $58.80. The highest price objective stands at $73.90, representing the uppermost long-term target based on technical analysis.

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Market Structure and Support Levels

The technical setup identifies the $20.66 level as a major support zone, coinciding with the handle breakout point. This price area gains strength from historical trading activity and previous resistance turned support.

The price action broke above a declining trendline, marking the end of the previous bearish trend. This break reinforces the bullish market structure observed in the monthly timeframe.

Clay expressed his conviction in the setup through social media, stating he was “Adding to my main bag here! FULL SEND.” The analyst's chart analysis incorporates multiple technical factors, including Fibonacci extensions and previous market structure points to validate the identified target zones.

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