A Chainlink (LINK) indicator gave a signal that previously preceded a more than 300% price increase.
The LINK price also broke out from a more than 500-day horizontal range, reaching a new yearly high today.
Chainlink Moves Outside Accumulation Range
The weekly timeframe technical analysis shows that the LINK price traded in a range between $5.80 and $9 since May 2022. While it briefly fell below the range low in June 2023, it reclaimed the area and validated it as support in September (green icon)
Since then, the altcoin has increased by 120% in less than two months. This culminated with a new yearly high of $13.34 today. The increase also caused a breakout from the range high, which had been in place for 530 days.
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions.