Chainlink’s Monthly Chart Holds Strong — Are Bulls Ready to Take Off?

Monthly chart shows Chainlink’s long-term pennant pattern intact despite sharp flush.

The recent price moves hint at some behind-the-scenes activity, with big players likely taking short positions just before the weekend.

If LINK breaks through the resistance it could rally to new highs toward $1,000.

Chainlink (LINK) is trading at $18.32, despite declines in the past week, the charts suggest this could be a good opportunity for buyers to accumulate ahead of a possible strong rebound.

Chainlink Monthly Chart Unshaken by Market Flush

Chainlink’s (LINK) monthly chart remains solid despite a sudden sharp dip that rattled traders recently. The flush, occurring after market hours just before the weekend, appears less like a natural sell-off and more like orchestrated manipulation.

Source: ChannelChartist Via X

Whales loaded up on short positions right before the drop, signaling they were prepared for this move. For those who bought during the dip, this flush presents a potential entry at discounted levels before a likely rebound.

The chart’s long-term bullish pennant pattern has held steady for over four years. This pattern is defined by a rising multiyear support line and a horizontal strong resistance level

The convergence of these trendlines suggests a high-probability breakout once the resistance is broken. The recent flush created wicks on the candles, which traders recognize as ‘noise’ rather than a true breakdown.

Whales’ Move Before Weekend Suggests Market Manipulation

The timing of the flush—after market hours and before a weekend—raises suspicions of deliberate market moves. Large holders, or whales, appear to have shorted LINK heavily, driving prices lower to shake out weaker hands

This classic ‘flush’ tactic often aims to create panic selling and accumulate more tokens at depressed prices.Volume spikes during the flush underscore the intensity of trading activity, with panic selling likely triggered stop-losses

Yet, despite this volatility, LINK’s monthly structure remains intact. This resilience keeps the bullish thesis alive, supported by a rising multiyear channel that underpins the coin’s price.

Resistance Remains Key, But Breakout Could Be Explosive

Chainlink faces stiff resistance ahead, with sellers firmly positioned to defend it. However, once the breakout above this resistance occurs, the price could follow a steep upward trajectory. The chart’s “matching flagpole” points toward a potential surge, with targets possibly reaching well beyond $1,000.

This long-term pattern is a testament to Chainlink’s sustained demand and market confidence. Traders and investors should watch for confirmation of a breakout above the strong resistance line

Until then, the monthly chart shows that the flush is likely a temporary disturbance rather than a trend reversal.This analysis is based on Chainlink’s price action and chart patterns observed over several years, reflecting a disciplined technical approach to the market.

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