Can Chainlink Price Follow Ripple’s XRP Path & Surge 500%?
Highlights
- Crypto analyst believes that the Chainlink price could mirror XRP and surge 500%.
- The LINK coin has formed a few bullish patterns like a cup and handle and a golden cross.
- There are rising odds that it will jump to $22.8, its highest level this year.
Chainlink price, the biggest oracle in the crypto industry, has bounced back recently as it soared for three consecutive weeks. Crypto analysts, citing its strong fundamentals and technicals, believe that LINK could stage a strong rally, mirroring Ripple’s XRP.
Chainlink Price Mirroring XRP and Rally 500%: Analyst
Chainlink price soared and retested the important resistance level at $20 for the first time since March 11. This rally happened in sync with the ongoing recovery of Bitcoin and most altcoins, which pushed the crypto fear and greed index to 85.
Crypto analysts are now optimistic that the coin could be on the verge of a strong bullish breakout. In an X post, Bullish noted that the coin had left a multi-year falling wedge pattern. He sees it rising by 500%, a move that would push it to $120.
He cited XRP, which went vertical in November and jumped by 400%, pushing its market cap to over $130 billion.
In another X post, Crypto Rand, a popular analyst predicted that the coin would gain momentum if it breaches the year-to-date high of $22.90. If that happens, he believes that the Chainlink “marines” will take over and push it higher. Marines are members of the Chainlink community who are similar to XRP Army.
LINK Price Forecast As It Nears A Key Resistance
The Chainlink price has had strong technicals, which explains why the coin has rallied in the past few weeks. It has formed a cup and handle chart pattern, which is made up of a horizontal line and a rounded bottom. It moved above the upper side of this pattern this week, clearing a crucial resistance level.
The price target of a C&H pattern is established by calculating the depth of the cup, which is 55%. One then measures the same distance from the upper side of the cup, and establishes the target at $31.60.
The value of LINK has also formed a golden pennant pattern, which is made up of a vertical line and a triangle. Therefore, the coin will likely continue rising as bulls target the initial target the year-to-date high of $22.85. A break above that level will point to more gains to the C&H target at $31.60.
The Chainlink price forecast bullish view will become invalid if the coin drops below the key support at $17, the lower side of the pennant’s triangle point. If this happens, the mean reversion could see it drop to the 200 EMA at $13.29.
Frequently Asked Questions (FAQs)
1. Can Chainlink price jump 500%?
2. What is the next reasonable LINK price target?
3. What are the potential catalysts for the Chainlink coin?
- What’s Behind Ethereum’s Drop: Macro, TVL, DeFi & Liquidity Zones
- Bitcoin ETFs Record Biggest Daily Outflow Since August as OG Whales Cash Out
- CZ Trump Pardon: Binance Founder Denies Any Trump Family Ties
- Odds for December Rate Cut Soar to 71% After Michigan Consumer Sentiment Hits 2nd-Lowest in History
- Breaking: James Chanos Exits MSTR Short After Premium Drop
- After a 17% Jump, Is Litecoin Price Rebound Sustainable Amid Dominant Sell Activity?
- Cardano Price Soars 10% Amid Retail Accumulation: Will Bulls Target $1?
- Bitcoin Price: How Low BTC Could Fall by the End of 2025?
- Post-Giveaway Supply Shock: Impact on FUNToken’s Liquidity and Market Depth
- Aster Price Poised to Hit $2 as Coinbase Adds ASTER to Listing Roadmap
- Filecoin Price Rockets 51% as Grayscale’s FIL Holdings Hit Record High — What’s Next for FIL?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
