- Crypto analyst Ali Martinez predicts a potential breakout for Chainlink (LINK).
- LINK could rally to $26.87, marking a 38% increase from current levels.
- Other analysts are also bullish on LINK, anticipating further gains in the coming months.
Crypto analyst Ali Martinez believes Chainlink (LINK) is poised for a significant upward move if it can break through a key resistance level. Martinez shared his analysis with his followers on social media, outlining the potential trajectory for the decentralized oracle network.
Resistance Level and Potential Rally
LINK is currently facing stiff resistance between $19.40 and $20.03, where a significant number of addresses hold large amounts of the cryptocurrency. However, if LINK can overcome this supply wall, the next critical resistance area is around $26.87, representing a 38% price increase from its current value.
Martinez’s analysis utilizes the In/Out of the Money Around Price (IOMAP) metric, which helps identify support and resistance levels for digital assets. The IOMAP chart for LINK indicates that a breakout through the current resistance could lead to a substantial upward move.
Additional Bullish Sentiment
Other analysts are also expressing optimism about Chainlink’s prospects. Pseudonymous analyst Rekt Capital believes LINK is in an uptrend but may experience a temporary dip before continuing its upward trajectory. Inmortal, another pseudonymous analyst, predicts a remarkable surge for LINK, projecting a potential increase of over 443% during the current market cycle.
Current Market Conditions
At the time of writing, LINK is trading at $18.40, down slightly in the last 24 hours. Despite the recent dip, analysts remain bullish on the cryptocurrency’s long-term potential.
The information provided in this article should not be construed as investment advice. Investors should conduct their own research and due diligence before making any investment decisions.