LINK Eyes $194 as 2020 Pattern Repeats With Breakout From $27

• LINK is repeating its 2020 pattern with a breakout forming around the same trendline and price region.
• Traders are watching the $27 level which, if broke,n could push LINK toward the $89 and $194 Fibonacci points.
• The chart shows LINK forming a wedge breakout as it did in 2020 before rallying to its all-time high price.

Chainlink (LINK) is flashing a macro setup identical to its 2020 breakout. The current price is hovering around $18.38, testing a critical resistance zone at $27. A confirmed breakout above this threshold may open the path for a strong upward movement, targeting $37, $89, and possibly $194 based on Fibonacci extensions.

Repeating the 2020 Pattern

According to technical analysis shared on TradingView, LINK’s price is replicating a distinct breakout pattern first seen in 2020. That year, a breakout from a downward wedge triggered an explosive rally. Historical resistance zones have been marked, with price reacting similarly now.

In the chart, a falling wedge breakout is visible around early 2020, which led to LINK’s surge toward its previous peak. The same falling wedge formation has emerged again, this time near the $7.39 support zone. This repetition is forming strong expectations of bullish continuation.

The chart marks $27 as the confirmation zone. In 2020, price cleanly breached this level, establishing momentum for a multi-month climb. Now, LINK is again retesting this zone, with bulls aiming to reclaim it and push the price higher.

Fibonacci Levels Map New Price Targets

The Fibonacci extension tool on the weekly timeframe identifies key targets in the event of a breakout above $27. The first major Fibonacci level stands at $37, which represents the 0.618 extension from the base support zone.

Following that, the 1.618 Fibonacci level is marked at $89.76, historically known for strong bullish reactions in altcoins after major resistance breakouts. LINK could surge toward this range if volume confirms a clean breakout.

The ultimate target lies at the 3.618 Fibonacci extension, positioned at $194.52. While highly speculative, this target aligns with prior macro impulses observed in LINK’s previous bullish cycles. Price action from 2020 showed a rapid move once confirmation zones were breached, giving traders reason to monitor these levels closely.

A significant green arrow in the chart illustrates the potential trajectory. A break above $27 may generate momentum towards higher liquidity zones above the $37 level, echoing the sharp rise of 2020.

Is History About to Rhyme Again?

Can LINK repeat its 2020 success and achieve the $194 mark in this new cycle? The setup leans on repeating price behavior, supported by clear breakout formations and Fibonacci confluence zones. The current candle structure appears similar to the one just before the 2020 rally, increasing the likelihood of a bullish continuation.

Even though history doesn’t exactly repeat, the setup closely mimics the past, giving traders a sense of déjà vu. The market currently awaits confirmation at $27. If price sustains above this level, the bullish narrative may accelerate.

Meanwhile, the trading community is closely watching LINK’s interaction with the red “confirm level” zone. A decisive weekly candle close above could initiate the next leg. The presence of downward trendlines being tested in both the 2020 and 2025 patterns adds credibility to the fractal resemblance.

The LINK/USDT chart on Binance shows these structures clearly, with price consolidating just below the red breakout box. Strong volume inflows could be the missing piece to ignite the next rally.