Experts Predict Chainlink Will Reach $85 Target: ‘Makes Sense’ for Upcoming Bull Run as LINK Protects Key Support Level
Chainlink (LINK) has once again become a focal point in the cryptocurrency industry. The asset has shown resilience, especially with its price recovering swiftly after a brief dip below the strong resistance level at $7.
As of now, LINK has seen an almost 4% increase in the last 24 hours and is trading at $7.35. But what are the experts saying?
irpsd9, a new trader on TradingView, has shared some compelling insights on LINK’s future trajectory. According to him:
- A “Pump” signal has been detected, which in his terminology refers to a trend-following strategy. This pump interestingly takes the shape of a golden pyramid.
- This pump formation is notably above the average true range channels, indicating a strong bullish momentum.
- He emphasizes that this analysis is based on a weekly chart, which generally provides a broader perspective on price movements.
- A Fibonacci time zone is expected to guide traders along this potential uptrend.
Source: CoinStats
Further bolstering this bullish sentiment, Santiment, a well-known analytics platform, highlighted that Chainlink’s GitHub development activity has surged this summer. This has led to LINK being among the top 5 most frequently developed assets. Moreover, there’s a noticeable trend of whales accumulating LINK tokens, with those holding between 100K-10M LINK now possessing the most coins since December 2022.
Nicu, a famous Twitter analyst, also chimed in with his observations. He expressed excitement over LINK’s textbook price action. After a robust uptrend from the low $5’s, the price tested the bottom moving average and consolidated. Now, with the price breaking back above the top moving average, Nicu believes LINK is primed to reach $9.
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Show more +Lastly, CryptoScient, a technical analysis expert, shared his bullish stance on LINK against USDT. He mentioned that despite being a coin that’s often criticized by the crypto community, LINK has the potential to reach a whopping $85 in the upcoming bull run. From his last update, he revealed that he bought a significant amount at an untested support zone and believes that LINK will at least retest range highs at $9.5.
“$85 target makes sense” he said
Conclusion
The consensus among top-notch analysts and traders is clear: Chainlink (LINK) is on a bullish trajectory. With strong technical indicators, increased development activity, and whale accumulation, LINK seems poised for significant upward movement. As always, investors should conduct their research and consider multiple perspectives before making any investment decisions.
You can view our Chainlink’s price prediction here.
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