Crypto Analyst Predicts 38% Rally for Chainlink if Resistance Level is Broken
Crypto analyst and trader Ali Martinez suggests that Chainlink (LINK) may experience another surge in price. Martinez believes that the decentralized oracle network could break through a significant resistance level and reach $26.87.
Martinez points out that Chainlink faces strong resistance between $19.40 and $20.03, with over 8.59 million LINK held by 5,330 addresses. However, if the cryptocurrency can surpass this supply wall, the next critical area of resistance is around $26.87, representing a potential 38% price increase.
Other Bullish Predictions for Chainlink
Several other traders are also optimistic about Chainlink’s future. Pseudonymous analyst Rekt Capital confirms that Chainlink is in an uptrend but suggests that it may dip to retest support levels before continuing its upward trajectory.
Pseudonymous analyst Inmortal predicts a significant surge of over 443% for Chainlink during this cycle, stating that the cryptocurrency is undervalued and could potentially reach $100 per LINK.
Chart Analysis and Current Price
The trader’s chart utilizes the In/Out of the Money Around Price (IOMAP) metric to identify support and resistance levels for Chainlink. Based on this analysis, it is suggested that LINK will continue to rise, consolidate for a period, and then experience another breakout.
At the time of writing, Chainlink is trading at $18.40, reflecting a decrease of more than 3% in the last 24 hours.
Hot Take: Potential Upside for Chainlink
Crypto analyst Ali Martinez predicts a potential rally of 38% for Chainlink if it can overcome a crucial resistance level. With strong support from other traders and analysts, there is growing optimism about the future price of Chainlink. However, it remains to be seen whether the cryptocurrency can break through the resistance and achieve these targets. Investors and traders will closely monitor the price action of Chainlink in the coming days to determine if this rally materializes.
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