If Chainlink Token Holds This Support Level, LINK Price Could Hit $45
Highlights
- A crypto analyst predicts Chainlink's price could hit $45 if it maintains the key support zone between $6 and $9.
- LINK chart has an ascending parallel channel, which reveals that an upper boundry follows its lower boundry.
- Strong investor sentiments and technical developments could aid in the LINK price rally.
The crypto market shows signs of rebounding past the recent crash, fueling the Chainlink price recovery. Since Donald Trump signed the Executive Order for Bitcoin Reserve, the market has been on a rollercoaster ride, and so have digital assets. Additionally, crypto analyst Ali Martinzez has sparked enthusiasm for the LINK holders, claiming the token’s price could hit $45 in the coming weeks.
Ali’s Bullish Outlook: Chainlink Price to Hit $45 Next
Chainlink has long lost its prime, where its price hit $52.88 four years ago. It is currently in turmoil, trading 75% down from its peak at $12.86 with a market capitalization of $8.21B. However, despite the short-term bearish behaviour, the long-term outlook is bullish for the token, per analysts.
In a recent X post, Ali revealed that the LINK token trades in an ascending parallel channel, where the channel’s upper boundary follows its lower boundary.
With that, the current Chainlink charts data, this token is at a lower boundary, with the key support being $6-$9.
Notably, the upper boundary will follow next, pushing the LINK price to a high of $45. Overall, historical trends and a bullish pattern reveal that recovery is imminent.
Supporting Factors Fueling LINK’s Potential Rally
Chainlink has strong development activity and supporting technical factors, which puts it among the best cryptos of the market. Factors like elevated large investors (whale) accumulation (3 million buys in the last five days) and high trading volume show strong investor confidence, and increasing adoption of the oracle solution puts it up for recovery.
In addition to Ali, a few other crypto analysts also claim recovery. One adds that the token’s chart forms a megaphone pattern, characterized by the two ascending and diverging trendlines. Such a pattern often leads to a rebound, and the bullish outlook will persist as long as the price remains above the lower side of this megaphone.
With that, LINK could surge 120% to $30, but the failure to hold or drop below the lower boundary of the wedge pattern will result in the crash to $5.57.
Final Thoughts
Ali Martinez’s Chainlink price prediction puts $6-$9 as the crucial support zone for this altcoin’s rally. If it maintains this support, the price could surge to $45. However, amid high volatility and investors’ bearish sentiments, the downtrend can also persist.
In addition to this bullish outlook, various factors must favor this rally, especially the investor sentiments and the crypto market’s performance.
Frequently Asked Questions (FAQs)
1. What do analysts predict about Chainlink?
2. Why is the Chainlink price struggling?
3. What happens if LINK fails to hold its crucial support?
- TRUMP Token Gets Major Boost as Issuer Launches $200 Million Treasury Plan
- Gold Vs Bitcoin – Peter Schiff Predicts BTC Will Be ‘Rugged by Gold’
- CEA Industries’ BNB Holdings Reach 480K as Binance Coin Hits New ATH of $1,300
- Peter Brandt Predicts XRP Could Drop to $2.2 If This Happens
- Fed’s Stephen Miran Says He’s ‘Sanguine’ on Inflation Outlook as He Backs More Rate Cuts
- ASTER vs HYPE Price Analysis – Which Perp DEX Token Looks Poised to Dominate Q4 Performance?
- Ethereum Price Could Soar to $6,500 as BlackRock’s ETF Nears $20B Milestone
- Cardano Price Consolidates Below Key Resistance Ahead of ETF Verdict — Is a 50% Rally in Sight?
- Solana Price Eyes 56% Rebound Amid Solana Company’s Massive $530M SOL Acquisition
- Ethereum’s Price Bullish Cycle Resumes as Grayscale Launches Spot Staking ETPs – Is $7,331 Next?
- Pi Network Price Risky Pattern Points to Crash as 14M Coins Leave OKX
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.
