Chainlink price outlook: Can LINK still get this 20%+ rally?

• Chainlink (LINK) price outlook suggests bulls will eye $8.00 and then $9.50 if upside momentum holds.
• The cryptocurrency has been in accumulation for more than 300 days.
• A 20% breakout to the suggested highs last reached in November is possible for LINK/USD.

Chainlink (LINK) is changing hands around $7.40, up 7.3% at the time of writing.

It’s not a huge breakout for the 23rd ranked altcoin (by market cap), particularly given the mega swings seen today with Bitcoin hitting multi-month highs above $25,000 and Ethereum testing bearish resolve above $1,700 on Thursday.

LINK price – the bullish case

While the LINK price is facing rejection around $7.50 amid potential slowdown for bulls, a technical outlook for the oracle network’s native token suggests a run to $8 can still happen.

According to crypto analyst Ali, LINK could swing to the upper trendline of a rising channel as the coin has tended to bounce after reaching the support line. Note that this outlook is from a few days when Chainlink price rebounded from the parallel channel’s lower trendline to test resistance around $7.50.

Per the prediction Ali recently shared, LINK might continue with the pattern, which is key after today’s price action saw bulls test the aforementioned supply wall.

#Chainlink eyes $8!$LINK bounced off the lower boundary of the parallel channel noticed on its 4-hour. Now, #LINK could be aiming for the upper edge of this technical formation. https://t.co/mjcyaaV5I4 pic.twitter.com/MtqvKozVOO

— Ali (@ali_charts) February 7, 2023

Another analyst, Inmortal, points to the fact that Chainlink has been in consolidation for more than 300 days. The accumulation could end with a violent breakout. 

Still like $LINK here.

+300 days accumulation could end soon with a violent move. pic.twitter.com/Ll4x9MebM6

— Inmortal (@inmortalcrypto) February 16, 2023

Looking at the Chainlink price chart, a rally above $8.00 could open up a 22% upside path for LINK/USD to target the $9.50 reached on 8 November 2022. 

LINK price – the bearish scenario

As tailwinds could wane amid broader market slowdown, the ascending middle line currently provides the main resistance area.

A sell-off triggered by wider market uncertainty means bears can still target $6.75 and $6.00 remains a crucial buffer zone.