Chainlink Could Hit $25-$30 In Coming Months, Analyst Cites Four Reasons For LINK’s Upside

January 31, 2024

Chainlink Builds Solid Demand Between $14.8 And $15.2, LINK Could Hit This Price Level With The Lack Of Resistance

Chainlink has managed to defend a critical support zone even amid recent crypto market turbulence. And according to trader Michaël van de Poppe, the consolidation sets the stage for an imminent upside breakout.

Poppe notes that LINK has successfully taken liquidity near $12.20 without breaking market structure. Combined with multiple tests of overhead resistance, this propels his bullish conviction. He also mentioned that the BTC pair is bottoming and the ETH pair is starting to wake up.

“Chainlink is still stuck in a range but is likely going to break to the upside…Seems likely we’ll see $25–30 in the coming months.”

This aligns with analysis from altFINS highlighting a constructive sideways channel between $13 and $17. A break above channel resistance would confirm Chainlink’s overarching uptrend, with initial measured move targets around $20.

More importantly, the strong base built on successful support retests helps solidify LINK’s posture technically for additional continuation. Poppe specifically points to strengthening relative momentum against Bitcoin as an encouraging indicator of capital rotating back into LINK.

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The optimism correlates with Chainlink’s leading position as the preeminent decentralized blockchain oracle network. As demand for reliable data and infrastructure bridges between on-chain and off-chain environments accelerates, chainlink adoption and necessity will scale exponentially.

So in essence, while risks remain amid the tentative backdrop, LINK appears well-positioned to capitalize from both a technical and ecosystem-level perspective.

Its resolute defense of key demand zones provides a platform for Poppe’s forecasted surge back towards $25-30 resistance as conviction returns more broadly around crypto’s recovery prospects.

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