Chainlink (LINK) is fighting the good fight with its bears today as its metrics are all in the green. Top market analyst Ali Martinez highlighted that Chainlink appears to have broken out of an ascending triangle pattern on the hourly chart. Naturally, this move is a bullish sign, and the analyst is projecting at least a 14% price breakout for the decentralized oracle service provider.
Chainlink has maintained a healthy uptrend since the start of the month. At the time of writing, LINK is trading at $11.50, up 4.27% in the past 24 hours. This daily growth might be mild, but it complements the more than 43% upsurge LINK has recorded throughout October.
By its current metrics, Chainlink is arguably one of the best-performing altcoins for the month. However, when judged by its current trading volume, which is up by 101% to $881,839,412, we can align with Martinez's take that LINK bulls are not done with their aggressive push in the short term.
Should current metrics be sustained for much longer, Martinez predicts that the breakout may push ADA toward the $13 price mark, a level that will mark a clear high for the year.
Chainlink just getting started
Judging by Chainlink’s highest price figure of $52.88, we can predict the altcoin is just getting started. There is a high propensity for growth as it has a drawdown of 78% from its all-time high (ATH).
Notably, the fundamentals are present for Chainlink to change the narrative in the coming months. Besides the Chainlink Cross Chain Interoperability Protocol (CCIP) tool that is now being integrated en masse by Web3 systems, the protocol has been inking some strategic partnerships lately to bolster its offerings across the board.
In all, Chainlink is also bolstering its reach in staking as it seeks to drive network participation across the board.