The cryptocurrency market has faced significant selling pressure in recent days, with Ethereum prices dropping over 12% in the last week. Global trade tensions and ETH’s dip below $1,850 have triggered widespread sell-offs across the crypto sector. Even Chainlink (LINK) hasn’t been immune to the downturn, falling over 10% in the past week and extending its 90-day correction to a total loss of 33%. However, despite this bearish market trend, a strong technical pattern emerges, hinting at a potential trend reversal. Chainlink (LINK) – Breaking Out Chart analyst Bit Amberly notes that LINK has successfully broken out of a three-year symmetrical triangle on the weekly timeframe. This breakout occurred on November 22, 2024, when LINK surged above the triangle’s upper resistance trendline at approximately $15. The resulting rally led to LINK reaching its high of $31. However, recent market volatility has caused a retest of this breakout level. LINK briefly dipped to its current price of $13.49. Retesting and Potential Recovery Retesting previous breakout levels is common in technical analysis as assets often confirm their new trend direction before continuing upward movement. If LINK can hold its breakout level and establish support, it could pave the way for another bullish move. Analyst highlight key resistance levels at $19.40, $31.10, and ultimately $49.00. These represent significant price milestones based on historical resistance and psychological factors. A successful bounce from this current level could result in a +260% gain from its current price. The 100-week moving average (MA) is also acting as critical support, potentially signaling renewed bullish momentum. Technical Signs for Optimism The outlook remains uncertain for the broader cryptocurrency market but Chainlink’s technical setup suggests potential for a lucrative recovery. If historical price action within symmetrical triangle formations repeats, a significant move upward could be on the horizon.