All you need to know about LINK’s latest price breakout – BitRss

• Chainlink’s breakout may target $27.23 as traders anticipate a rally towards $50
• On-chain metrics, including active addresses and exchange reserves, supported LINK ($25.82)’s bullish momentum

Chainlink [LINK] has been gaining momentum on the charts lately, with the crypto breaking out of a descending wedge pattern. Needless to say, this has ignited optimism across the crypto market. At press time, LINK was trading at $26.31 following a 9.20% hike in the last 24 hours. 

The altcoin’s latest rally has brought LINK closer to its key resistance levels, with traders speculating about a potential move towards $50. Can Chainlink sustain this bullish momentum and deliver a breakout for the altcoin market?

LINK’s price action highlights breakout potential

Chainlink’s price action highlighted significant bullish momentum as it broke past its recent consolidation phase. The descending wedge breakout, combined with strong Fibonacci retracements, underlined the potential for upside on the charts. 

However, the key resistance level at $27.23 remains critical, as a failure to surpass this level could lead to temporary pullbacks. Additionally, the gradual uptick in trading volume supported the breakout narrative – Creating a foundation for a potent…