Chainlink Breaks $16.60 as Bullish Pattern Hints at $20 Price Target

LINK breaks $16.60 resistance, confirming inverse H&S pattern and trend reversal signal.Over 3.32M LINK withdrawn from exchanges in 24h, signaling strong accumulation activity.Rising OI and positive funding rates show growing confidence in LINK’s upward momentum.Chainlink (LINK) is showing signs of breaking above its long-term downtrend for the first time since Q4 2024. The token, known for powering real-world asset (RWA) and DeFi integrations, is gaining momentum across trading platforms. As bullish technical patterns and rising demand align, traders are now monitoring a potential move toward the $19.25–$20.00 zone.Inverse Head and Shoulders Pattern and Key Resistance BreakAccording to an observation by Quinten Francois on X, LINK has broken above the $16.60 resistance level, confirming an inverse head and shoulders pattern. This pattern is often seen at the end of a downtrend and is considered a positive indicator when supported by rising volume. Source :Quinten Francois(X)The breakout suggests the beginning of a trend shift and may pave the way for a move to $19.25. The daily chart also shows LINK retesting the $16.60 zone as new support. According to market analyst Alifer, this level was previously a resistance cap for several weeks.https://twitter.com/AMCryptoAlex/status/1921271016040333363A successful retest would confirm the breakout, providing technical validation for further upside. Volume activity around the breakout has also increased, supporting the price movement.Exchange Outflows and Futures Market Activity Show Growing DemandAccording to on-chain data shared by analyst Ali on X, over 3.32 million LINK tokens were withdrawn from exchanges within 24 hours. This often signals accumulation, as traders move tokens to cold wallets, suggesting reduced sell pressure. Source :Ali Charts(X)The outflows coincided with a sharp increase in price, supporting the view of growing investor interest. Meanwhile, CoinGlass data shows a positive funding rate in the LINK futures market. This indicates that long traders are dominant and confident in the token’s upward potential. A rise in Open Interest (OI) supports this sentiment, showing that capital is entering the market rather than exiting. Together with price movement, these indicators suggest a potential continuation of the current rally.The post Chainlink Breaks $16.60 as Bullish Pattern Hints at $20 Price Target appears on Crypto Front News. Visit our website to read more interesting articles about cryptocurrency, blockchain technology, and digital assets.