Chainlink (LINK) Could Be Heading for $100, But This Level Stands in the Way

Chainlink has picked up pace after spending much of the month moving between roughly $8.1 and $8.5. The token is currently trading at $8.75, after increasing by roughly 4% in the last 24 hours. The latest jump pushed its monthly gains to around 10%.

Traders are now waiting for a breakout to confirm the developing bullish structure.

Closing In on a Major Breakout

According to CryptoPatel’s latest analysis, LINK is nearing a major move and could reach targets as high as $100. The market watcher said the asset is trading in a bullish order flow, which is one of the strongest long-term accumulation zones on the chart.

As such, a confirmed higher-timeframe close above $10.87 could open the way toward $25, $50, and $100. A higher-timeframe close below $4.761, however, would invalidate the setup. Holding above $10.87 would also turn the structure decisively bullish.

TheBoss also echoed a similar view and said that LINK is “approaching a decisive point.” The trader explained that the weekly chart has spent months building a base above the long-term support zone. The descending trendline is now pressing into the current structure. Compared with the previous analysis, the setup has matured significantly, and the price appears to be closer to a potential trendline breakout.

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