In the previous few weeks, Chainlink (LINK) has seen whole lot of gains alongside other altcoins. This rally was driven by Bitcoin’s surge to the $38,000 mark, fueled by hopes of regulatory approval for a spot Bitcoin exchange-traded fund (ETF).
Unfortunately, LINK saw some of its gains erased due to fake news about the registration of a BlackRock XRP trust, which caused a dip in the broader market rally.
Regardless of this setback, technical analysis of Chainlink’s chart continues to show positive signals. A trending cryptocurrency analyst even pointed out the capacity for substantial gains if LINK successfully breaks out from its current positive trend chart pattern.
Digital currency expert Ali Martinez recently shared a Chainlink chart, suggesting that the altcoin might be on the verge of breaking out from a bull flag formation. The chart indicates that LINK could potentially hit $20 if it manages to break through this pattern.