Top Chainlink Analyst Reveals When LINK Could Start Wave 3 Rally and the Expected Price Targets: Key Levels to Watch
Prominent crypto analyst CryptoBullet is projecting a major bull run for Chainlink (LINK) that could see the cryptocurrency’s price surge to new all-time highs in the coming months. In a tweet posted yesterday, the analyst outlined an optimistic long-term outlook for LINK, citing clear bullish targets based on their technical analysis.
According to CryptoBullet, the previous LINK bull cycle, which they identify as Wave 1, saw the cryptocurrency’s price skyrocket from around $4.75 to over $20, marking a 618% Fibonacci extension. This wave topped out in March 2023 at approximately $22.80 before a 50% correction ensued, which CryptoBullet believes was sufficient for Wave 2.
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CryptoBullet expects Wave 3 of LINK’s current bull market to commence in the third quarter of 2024. If their analysis holds true, this next wave could propel LINK to new record highs, with the analyst setting three ambitious macro price targets.
Massive LINK Price Targets
CryptoBullet’s first macro target for the upcoming Wave 3 rally is $55, representing a substantial upside from LINK’s current trading levels around $14. However, the analyst’s projections didn’t stop there. Their second macro target stands at an impressive $88, while the third and most ambitious target is a staggering $150 per LINK token.
LINK Market Outlook
In recent days, LINK’s price has begun to recover in line with the broader crypto market rally, posting a 16% gain over the past four days. However, the cryptocurrency now faces a key resistance level at $14.40. A decisive breakout above this level could catalyze a spike towards $15.40, where the next major hurdle awaits.
Surpassing $15.40 could potentially clear the path for LINK to reach $17.50 and, subsequently, its previous all-time high of around $22.80. For CryptoBullet’s bullish forecast to unfold, LINK must successfully breach these critical resistance zones and establish higher support levels.
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Show more +While the analyst’s projections appear optimistic, the crypto market is known for its volatility, and investors should exercise caution and conduct thorough research before making any investment decisions.
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