LINK price is very close to bursting: if the resistance valid for 790 days is broken, the big rally will begin!

Chainlink (LINK), one of the top altcoins in the cryptocurrency market, has regained a long-term sideways level and is currently showing bullish signs. The altcoin's next goal is to break a long-standing resistance point.
Long-term technical indicators suggest that LINK price will eventually break out of the resistance line, while short-term indicators suggest a pullback before the price explodes.
Price tries to break long-term resistance
Technical analysis from the weekly chart shows that the price has fallen below a descending resistance line since May 2021. As a result of this downward move, it touched its low of $4.75 in June 2023.
However, the altcoin immediately took it back, confirming the region as support. This meant that the previous drop was a short divergence. In such cases, the next move is usually a sharp move in the opposite direction.
Currently, the LINK price is making its fourth attempt to exit the line, which has been in effect for 790 days. A breakout and close from here will mark the completion of the correction and the start of a new uptrend in the other direction.
The weekly RSI supports the up move but does not confirm the possibility of a breakout. The indicator is above the 50 mark and continues to rise. However, a close above this mark is required to confirm that the trend is definitely bullish.
LINK price prediction: When will it reach a local peak?
Daily chart analysis and weekly chart analysis are quite similar. Both suggest that the price will reach a local top soon. Elliott Wave theory also supports this possibility.
Starting June 10, the price likely started a five-wave upward move. This aligns with the start of an uptrend reversal. Currently, the price appears to be in the fifth and final wave of this increase.
Therefore, if the count is correct, there will be a significant drop after the next high.
The daily RSI supports continued growth for now as it is above 50 and moving upwards.
It is possible to draw a parabola combining all recent dips to determine the slope of the rise and the direction of the trend. So, as long as the parabola is in place, the trend will stay up.
Despite this short-term LINK bullish price prediction, a break from the parabola would likely lead to a pullback towards $6. However, this still will not invalidate the long-term bullish structure.
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