![Chainlink Flashing Signals of Next Major Rally, Analyst Shares Next LINK Target](https://captainaltcoin.com/wp-content/uploads/2023/09/Copy-of-P2P-Review-13.png)
Cryptocurrency analysts are split on the potential next price movement for Chainlink’s LINK token over the coming days and weeks. While some are calling for further downside after a breakdown from key support, others are eyeing a potential recovery back towards the top of its recent trading range. This disagreement suggests LINK could see significant volatility with a potential swing of around 15% in either direction.
Breakdown Calls for More Downside
Well-known crypto analyst Rekt Capital highlighted in a recent tweet how LINK has breached several key support levels that could now turn into resistance on any bounce. As he explains: “LINK Confirmed the breakdown from the Rising Wedge. Now potentially in the process of a breakdown from red demand area. Daily Close below red has kickstarted the breakdown process. Rejection from here would flip red box bottom into new resistance.”
![](https://captainaltcoin.com/wp-content/uploads/2024/01/image-209-1024x726.png)
Rekt Capital’s analysis shows LINK trading below what was previously a demand zone between $13 and $15. With LINK closing decisively below this area, he sees scope for lower levels as sellers take control. Flipping the old support into new overhead resistance could lead to a drop of around 15% from current prices near $13 down towards the $11 handle based on his chart.
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Show more +Bounce Towards Top of Recent Range
Meanwhile, fellow analyst Ali is identifying an upside opportunity for LINK in the near-term based on positive momentum indicators. As Ali details: “The TD Sequential presents a buy signal on the 12-hour chart as LINK trades around the lower boundary of a parallel channel. If validated, LINK could rebound toward $15.2 or $17.3!”
The technical indicator Ali references is flashing an early sign of an impending trend reversal after the recent selloff, signaling scope for a bounce. With LINK appearing oversold around the bottom of its trading range, Ali sees potential for a move back up towards $15-17. That would represent an increase of over 15% from the current price level.
![](https://captainaltcoin.com/wp-content/uploads/2024/01/image-208-1024x666.png)
So while analysts attempt to predict LINK’s next move following the breakdown, the divided opinions point to elevated uncertainty and volatility over the short-term. As Rekt Capital explains, “rejection from here would flip red box bottom into new resistance.” But Ali meanwhile sees signs of a pending recovery fueled by positive momentum divergence. With technicals currently mixed, LINK could still swing either way by around 15% in the coming days until it establishes a clearer directional bias over the intermediate-term.
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