LINK’s price is nearing an ascending triangle breakout scenario in December with bullish on-chain indicators strengthening the upside case.
Chainlink (LINK) price has rebounded by over 240% from its yearly low of around $4.70 in June 2023.
LINK price nears ascending triangle breakout
LINK’s price has been consolidating inside what appears to be an ascending triangle pattern since November 2023.
Ascending triangles are bullish continuation patterns when formed during an uptrend.
It appears LINK eyes a similar breakout scenario in December 2023, now treading around the triangle’s upper trendline near $16.
Thus, if it rises decisively above the said resistance level then its triangle breakout target will be over $19.50, up 20% from current price levels.
Chainlink supply on exchanges plunges
More clues about Chainlink’s potential 20% rally in December 2023 come from data tracking LINK supply across crypto exchanges (the red wave in the chart below).