Chainlink’s (LINK) Next Move: $35 Rally or Extended Chop? Analysts’ Contrasting Views

Chainlink (LINK), the decentralized oracle network, has been capturing analysts’ attention amid its ongoing consolidation phase. While opinions differ on its short-term prospects, there is a consensus on Chainlink’s fundamental strength and long-term potential.

Altcoin Sherpa’s Perspective

According to Altcoin Sherpa, Chainlink should be viewed as a long-term investment rather than an actively traded asset. “You shouldn’t be actively trading this,” Sherpa stated, citing Chainlink’s relative stability compared to more volatile altcoins. However, Sherpa acknowledged Chainlink’s liquidity and strong fundamentals, describing it as “one of the best” and a “safe coin that is going to do strong numbers.”

Sherpa expects Chainlink to continue its consolidation phase for a while before making its next significant move. Moreover, the analyst suggests that Chainlink may not outperform every other coin as it has in the past, but it can still be part of a lower-risk portfolio.

Michaël van de Poppe’s Bullish Outlook

On the other hand, top analyst Michaël van de Poppe has a more bullish outlook on Chainlink’s short-term prospects. Poppe notes that Chainlink “shows strength” and is “expecting to have a new rally to $35.” This prediction is based on the constant support and resistance flips at $12 and $16.50, signaling buyer strength.

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Current Price Action

According to the latest data from CoinMarketCap, the Chainlink price currently stands at $20.16, up 4.56% in the last 24 hours. This price action could be seen as a positive sign, aligning with the analysts’ overall positive sentiment towards the project.

While the analysts may differ in their short-term perspectives, they agree on Chainlink’s fundamental robustness and its potential to deliver strong returns in the long run. As the consolidation phase continues, investors will be closely monitoring Chainlink’s price action for potential breakouts or further consolidation.

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Samuel Munene
Samuel Munene

Samuel is a vesatile and seasoned content editor with a sharp eye for detail and a passion for writing. Web3 techonology is the future! With massive experience in the publishing industry, I specialize in refining and enhancing written material to ensure clarity, coherence, and engaging narratives.