Prominent crypto analyst Crypto Patel has presented a highly bullish technical case for Chainlink (LINK), suggesting the oracle token's price could potentially multiply by 17 times from current levels, targeting over $100. Patel's analysis centers on LINK trading around $8, which he identifies as sitting within a critical long-term accumulation zone.
The core of Patel's thesis is a "bullish order block" on the two-week chart between $5.60 and $7.64, a range where buyers have historically provided strong support. He emphasizes the confluence of this zone with the 0.786 Fibonacci support level near $7.22, labeling it one of the strongest technical entry points on the LINK chart. This area, according to Patel, represents a base-building phase that often precedes a major market move.
From a structural perspective, Patel highlights that LINK has broken out of a long-term descending channel dating back to its 2021 peak and is now in the process of retesting that broken structure. This breakout-and-retest pattern is frequently a precursor to significant trend reversals, signaling a potential shift from years of downward pressure.
Patel outlines specific price levels that define the trade's risk and reward. The bullish structure is considered intact as long as LINK holds above $5. A weekly close below $4.84—the 1.0 Fibonacci retracement level—would invalidate the entire setup. On the upside, Patel maps out progressive targets at $12, $31, $52, with the full expansion scenario culminating above $100, which is the origin of the 17x forecast.
Adding fundamental context to the technical setup, Patel notes that the potential launch of spot crypto ETFs could be a significant catalyst. With approximately $70 million already accumulated in related exposure, institutional interest is building. As the leading oracle network powering a vast portion of DeFi infrastructure, Chainlink stands to benefit if institutions begin to treat it as a core infrastructure asset rather than just a retail token.
In the immediate term, LINK faces local resistance in the $8.80 to $9.00 range. A sustained move above this zone is seen as critical for shifting short-term momentum and opening a path toward $10 to $10.50. The analyst concludes that LINK is currently in a compression phase within a broader demand zone—not a confirmed breakout, but also not a structural failure. The coming weekly closes will be pivotal in determining whether this is genuine accumulation before a major expansion or merely another consolidation within a larger range.
