Chainlink presently trades around $22 following last week’s decline. However, Martinez sees potential for bullish momentum, especially if the token retests the $16 region in the coming weeks. According to the seasoned analyst, a retracement to this support zone could present the “most bullish setup” for LINK holders, providing the launchpad for a multi-month rally.
Notably, this analysis mainly rests on Fibonacci retracement and extension levels plotted against LINK’s multi-year price action. The $16 area coincides with the 0.5 retracement level, often regarded as a critical point where accumulation and renewed buying pressure can emerge. From there, the chart projects a series of higher highs and higher lows that could carry LINK beyond $31.88, $52.30, and eventually into triple-digit territory near $100.
Specifically, the Fibonacci 1.272 extension level points to $98.15 as a potential peak for the breakout. This would represent a nearly 350% increase from current levels and over 500% from the suggested $16 retest zone. Such a move would also mark a new all-time high, surpassing LINK’s previous record of $52.88 set in May 2021.
Meanwhile, the triangle consolidation, spanning from 2021 through 2025, highlights LINK’s tightening price structure and diminishing volatility. Historically, prolonged consolidations often precede explosive moves in either direction. For LINK bulls, the key is maintaining support above the $16–$17 range and eventually breaching resistance around $30. Importantly, failure to hold the $16 level could invalidate the bullish thesis, potentially dragging LINK back toward lower support zones near $12 or even $9.
