Chainlink Breaks Out of Accumulation Range, Potential for Gains
A well-known crypto strategist believes that Chainlink (LINK) is poised to deliver significant profits for patient traders. Altcoin Sherpa, a pseudonymous trader with a large following on social media, suggests that Chainlink’s recent breakout from its extensive accumulation range indicates bullish momentum.
Altcoin Sherpa advises traders to wait for the price to break solidly above $10 before considering buying in. He also mentions that the 200-week exponential moving average (EMA) should be taken into account. However, once the breakout is confirmed, he expects LINK to reach at least $18.
Bitcoin Targets $40,000
In addition to Chainlink, Altcoin Sherpa has a positive outlook on Bitcoin (BTC). With BTC currently trading above $32,000, the strategist believes that if the price can maintain strong support above this level, it has the potential to reach $40,000.
Solana’s Potential for New Highs
Altcoin Sherpa is also optimistic about Solana (SOL), a smart contract platform. He suggests that as long as SOL remains comfortably above $27, it could see a new high at around $37. However, he cautions investors to be mindful of the additional supply of Solana coming onto the market via FTX.
Hot Take: Chainlink Breakout Signals Potential for Profit
The recent breakout of Chainlink from its accumulation range presents an opportunity for traders to potentially profit from its upward momentum. Altcoin Sherpa advises waiting for a solid breakout above $10 and taking into account the 200-week EMA. If these conditions are met, LINK could reach a minimum target of $18. This analysis aligns with Altcoin Sherpa’s positive outlook on Bitcoin, which he expects to reach $40,000. Additionally, Solana’s healthy EMAs and potential to stay above $27 could lead to a new high at $37. However, investors should be cautious about the additional Solana supply entering the market. Overall, these insights provide valuable guidance for crypto traders looking to capitalize on market trends.
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