Chainlink Bullish Pennant Pattern: Key Insights and Price Movements
Chainlink is currently forming a bullish pennant pattern, with prices consolidating between support at approximately $23 and resistance near $26.
Recently, large holders have been active in the Chainlink market over a two-day period at the end of the business week. Wallets containing between 100,000 and 1,000,000 LINK accumulated nearly 2 million tokens within just 48 hours, based on data shared by Ali Martinez. At the time of reporting, LINK was trading around $24, maintaining a stable price despite the buying influx.
Chart Analysis and Key Levels
A detailed examination of the 12-hour chart reveals a bullish pennant formation characterized by converging support and resistance lines. LINK is trading near $24, close to the upper boundary of the pattern.
Analyst Batman described this formation as “a very clean bullish pennant pattern.” The chart indicates resistance developing near the $25–$26 range, while support appears to hold around $22–$23, which coincides with a fair value gap. According to Batman, traders are closely monitoring these levels as significant points within the pennant structure, suggesting that a breakout or retest is likely to provide more clarity on future movements.
On the weekly chart against Bitcoin, Michaël van de Poppe has identified LINK as one of the stronger setups currently available in the market. LINK is trading near 0.0002081 BTC, still below a critical resistance level.
Van de Poppe emphasized that 0.0004389 BTC is the essential level to overcome. A breakout above this zone could pave the way for a potential move of over 160% relative to Bitcoin. He remarked on LINK having “one of the best setups in the space, right now,” with momentum gradually building after a prolonged consolidation phase.
Data from CryptoQuant indicates that LINK balances on exchanges have decreased to around 159 million, marking the lowest level since June 2022. Previously, reserves had been above 200 million; however, this steady decline implies that fewer tokens are currently available for immediate sale.
