Along with altcoins, Chainlink (LINK) experienced substantial gains in the past few weeks. Bitcoin’s (BTC) recent rise to the $38,000 mark, spearheaded this rally amid optimistic expectations of regulatory approval for a spot BTC exchange-traded fund (ETF).
However, LINK retraced some gains when a piece of fake news falsely suggested the registration of a BlackRock XRP trust, dampening the broader market rally.
Despite this setback, technical analysis (TA) of Chainlink’s chart still generates optimistic signals. Notably, a prominent crypto analyst highlighted the potential for significant gains if LINK successfully breaks out from its current bullish chart pattern.
LINK could hit $20, analyst says
On Monday, November 20, widely followed cryptocurrency expert Ali Martinez shared a Chainlink chart, which demonstrates that the altcoin may be eyeing a breakout from a bull flag formation.
Chainlink bull flag. Source: Ali Martinez
In his analysis, Martinez said LINK could retest the
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