An analyst has pointed out how Chainlink might be breaking out of a bull flag right now, which could suggest a rally toward $20.
Chainlink Is Escaping Out Of A Bull Flag Pattern Currently
In a new post on X, analyst Ali pointed out a breakout that may be forming in the LINK price chart. The relevant technical pattern here is the “bull flag,” which, as its name implies, looks like a flag on a pole.
This pattern forms when the asset’s price goes through a pullback after seeing a sharp rally and consolidates inside a region. The initial trend acts as the “pole,” while the parallel trendlines of the consolidation region make up the “flag.”
The flag’s length (the distance between the parallel trendlines)