Chainlink Pullback to $16 May Trigger Significant Price Rally

Chainlink (LINK) has experienced a 5.63% decline over the past week, while maintaining a 20.88% increase for the month. Analyst Ali Martinez suggests a significant price move may be on the horizon.

Price Pattern Analysis

LINK is currently trading around $22.
Martinez identifies a long-term symmetrical triangle pattern indicating a potential breakout after a short-term correction.
A retest of the $16 region could set up a bullish momentum for LINK holders.
The 0.5 Fibonacci retracement level at $16 may lead to renewed buying pressure and higher price targets.
Possible future price points include $31.88, $52.30, and near $100, with a peak at $98.15 representing a nearly 350% increase from current levels.
Failure to maintain support above $16 could lead to declines towards $12 or $9.

Current Market Overview

LINK trades at $22.30 after a slight 0.54% daily decline.
Daily trading volume has decreased by 58.12%, totaling $567.14 million.
The Fear & Greed Index indicates neutral sentiment at 48.
Short-term predictions suggest LINK could trade at $21.71 in five days, then rebound to $23.71 within a month.