Chainlink (LINK) Poised for Surge as Analysts Predict Breakout
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Crypto analyst Ali Martinez has suggested that Chainlink (LINK) might be gearing up for a significant price surge.
Martinez, who shares insights with a sizable following on social media, noted that Chainlink faces strong resistance around the $19.40 to $20.03 range due to a substantial number of LINK held by multiple addresses.
#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! pic.twitter.com/g34fryPll5
— Ali (@ali_charts) February 5, 2024
However, if LINK manages to break through this resistance, Martinez believes it could potentially reach $26.87, marking a substantial 38% increase.
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Additionally, other analysts share a bullish outlook on Chainlink’s future. Rekt Capital acknowledges an uptrend but anticipates a possible dip before a continuation, while Inmortal predicts an impressive 443% surge for Chainlink during this cycle.
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#LINK #Crypto #Chainlink https://t.co/qo1dgVjpjV pic.twitter.com/8UpKzUeLuF
— Rekt Capital (@rektcapital) February 5, 2024
Investors and traders are closely watching the developments, with Chainlink currently trading at $18.40, experiencing a slight decline over the past 24 hours.