Chainlink (LINK) has recently broken out of a long-standing symmetrical triangle pattern formed since 2021. This technical analysis highlights the potential for a bullish flag formation, suggesting that the price could reach a target of $50 if certain market conditions align with this pattern.
Despite the promising long-term scenario, short-term metrics indicate a possible pullback. Support is identified at $18.66, where traders should watch for potential buying opportunities if the price retraces to this level.
Additionally, broader market conditions indicate an Altcoin season, as Bitcoin dominance continues to decline. This scenario could support further gains for Chainlink and other altcoins, providing a favorable environment for long-term growth.
