Chainlink eyes a bullish breakout; Can LINK reach $20?

Along with altcoins, Chainlink (LINK) experienced substantial gains in the past few weeks. Bitcoin’s (BTC) recent rise to the $38,000 mark, spearheaded this rally amid optimistic expectations of regulatory approval for a spot BTC exchange-traded fund (ETF).

However, LINK retraced some gains when a piece of fake news falsely suggested the registration of a BlackRock XRP trust, dampening the broader market rally.

Despite this setback, technical analysis (TA) of Chainlink’s chart still generates optimistic signals. Notably, a prominent crypto analyst highlighted the potential for significant gains if LINK successfully breaks out from its current bullish chart pattern.

LINK could hit $20, analyst says

On Monday, November 20, widely followed cryptocurrency expert Ali Martinez shared a Chainlink chart, which demonstrates that the altcoin may be eyeing a breakout from a bull flag formation.

In his analysis, Martinez said LINK could retest the breakout zone around the $14 mark before it “marches toward $20” – a level not seen since January 2022.

A leap toward that threshold would represent a gain of more than 40% for the crypto asset.

LINK price analysis

Chainlink was trading at $14.28 at the time of publication, down 5.3% on the day.

The cryptocurrency’s price remained relatively flat over the past week, while its monthly performance boasts an impressive surge of 76%, elevating its market cap from $5.15 billion to $7.95 billion.

Over that 30-day period, the cryptocurrency has seen 19 green days, accounting for a substantial 63%. Additionally, LINK boasts high liquidity, evident from its significant valuation.

The altcoin has exhibited an outstanding performance over the past year, with its price surging by an impressive 149%. Notably, LINK has outperformed 85% of the top 100 crypto assets during this period, surpassing even the benchmarks of Bitcoin and Ethereum (ETH). Its current position above the 200-day simple moving average (MA) reflects its sustained positive momentum.

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