Chainlink's recent price action has caught the attention of technical analysts, who are closely watching its higher timeframe structures. One key area of focus is a monthly demand zone between $4.00 and $4.70, which some analysts believe could be the starting point for a significant price expansion.
A convergence of technical signals, including a multi-year range compression on LINK's chart, suggests that this zone may be a key accumulation area. According to Crypto Patel, a crypto analyst, a liquidity sweep below the $4.70 level has already occurred, targeting retail stop losses in the area and framing it as an engineered inducement trap.
Supporting the demand zone argument is Wyckoff Accumulation theory, which suggests that a slow and deliberate accumulation phase may be underway. If this thesis holds, projected price targets run from $13 to $53 or beyond, representing a potential 1,200% expansion from the identified demand area.