Chainlink (LINK) Poised for Surge as Analysts Predict Breakout
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.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
