With all of its measures in the green right now, Chainlink (LINK) is keeping up the good fight against its bears. Leading market expert Ali Martinez pointed out that on the hourly chart, Chainlink looks to have broken out of an ascending triangle formation. This move is optimistic, of course, and the analyst projects that the decentralised oracle service provider’s price will breakout by at least 14%.
https://x.com/ali_charts/status/1719241008641171503?s=20
Since the beginning of the month, Chainlink has been on a steady upward trend. As of this writing, LINK has increased in value by 4.27% during the last day to trade at $11.50. Although this daily rise is modest, it does support the over 43% increase that LINK has observed in October.
Chainlink is maybe among the cryptocurrencies that is performing the best this month based on its current stats. But based on its current trading volume, which has increased by 101% to $881,839,412, we may concur with Martinez’s assessment that the LINK bulls are not finished with their strong short-term drive.
Martinez thinks that if current metrics continue for an extended period of time, the breakout may drive ADA towards the $13 price level, which would represent a definite high for the year.
Chainlink just getting started
We may assume that Chainlink is only getting started based on its peak price of $52.88, which it reached recently. The fact that it has declined by 78% from its all-time high (ATH) indicates a strong tendency for growth.
Notably, Chainlink has the necessary foundations in place to alter the story in the upcoming months. In addition to the Chainlink Cross Chain Interoperability Protocol (CCIP) tool, which Web3 systems are currently integrating in large quantities, the protocol has recently signed additional key alliances to strengthen its overall offers.
All things considered, Chainlink is expanding its staking reach in an effort to increase network involvement everywhere.
