Crypto analyst and trader Ali Martinez believes Chainlink (LINK) could soon move another leg up.
Martinez tells his 42,400 followers on the social media platform X that the decentralized oracle network Chainlink could break through a key resistance level and soar to $26.87.
“Chainlink faces stiff resistance between $19.40 and $20.03, where 5,330 addresses hold over 8.59 million LINK. But if LINK can break through this supply wall, the next critical area of resistance is around $26.87, representing a 38% price increase!”
The trader’s chart tracks the In/Out of the Money Around Price (IOMAP) for LINK, a metric that helps identify a particular digital asset’s support and resistance levels.
Other traders are also bullish on Chainlink.
Pseudonymous analyst Rekt Capital believes Chainlink is in an uptrend, but that it could dip to retest support levels before continuing higher.
“Breakout confirmed. Any dips into the top of the re-accumulation range (if they happen at all) would likely act as a retest attempt before further trend continuation.”
Pseudonymous analyst Inmortal is predicting Chainlink will soar more than 443% from its current value this cycle.
“After complex mathematical calculations and years of research, I have come to these conclusions:
1. LINK is extremely undervalued (I have been saying this since it was at $6 lmao)
2. At some point in this cycle: one LINK = $100.”
Looking at his chart, the trader suggests LINK will continue to move a leg higher, consolidate for a while and then break out to the next leg.
Chainlink is trading for $18.40 at time of writing, down more than 3% in the last 24 hours.
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The post 38% Chainlink Rally Incoming if LINK Breaks Through This Stiff Resistance Level, Says Crypto Analyst appeared first on The Daily Hodl.