- Chainlink (LINK) surged 13% in one day and gained more than 35% for the month, emerging as a standout performer among major altcoins.
- LINK is forming a Bearish ABCD harmonic pattern on the daily chart, which typically involves a bullish CD leg before reaching a potential reversal zone.
- The harmonic pattern suggests LINK could extend toward $22.54, representing an additional 18-20% upside from current levels around $18.70.
- The $22.54 target area could act as strong resistance and potentially trigger short-term profit-taking or a pause in the uptrend.
Date: Fri, Aug 08, 2025 | 06:50 AM GMT
The cryptocurrency market is gaining strong upside momentum again as Ethereum (ETH) reclaims the $3,900 level for the first time since late 2024. Riding that bullish wave, Chainlink (LINK) has emerged as a standout performer among major altcoins.
LINK surged 13% today, extending its monthly gain to more than 35%, and a developing harmonic pattern on its daily chart suggests there may still be more room for the rally to continue.
Harmonic Pattern Hints at Potential Bounce
On the daily timeframe, LINK is forming a Bearish ABCD harmonic pattern — a classic formation that, despite its name, typically involves a bullish CD leg before price reaches the potential reversal zone (PRZ).
The structure began with a sharp rally from point A around $13.20 to point B, then corrected down to point C near $15.44, where bulls stepped in again. The price has since rebounded and is now trading around $18.70, confirming that the CD leg is in full motion.
According to harmonic principles, the CD leg could extend toward the 1.461 Fibonacci projection of the BC leg, which targets a PRZ near $22.54. If realized, this would represent an additional 18–20% upside from current levels.
What’s Next for LINK?
The momentum appears to be building in LINK’s favor. A continued push toward the $22.54 area would complete the ABCD pattern, but this zone could also act as a strong resistance, potentially triggering short-term profit-taking or a pause in the uptrend.
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