Chainlink’s Bullish Trajectory: Analysts Eye Double-Digit Gains

Chainlink (LINK) remains a hot topic even though its price has dropped by 7.63% over the last week, according to data from CoinMarketCap. However, investors and industry analysts have not lost faith in the altcoin’s future.

Currently, Chainlink is at $18.56, reflecting a slight increase of 0.56% in the past day, as per the latest update. Nevertheless, the token’s daily trading volume has decreased by 41.70% to $530.94 million. The total market capitalization for Chainlink stands at $10.88 billion.

Analyst Bullish Chainlink Outlook

Michaël van der Poppe has recently shared his bullish forecast for Chainlink in an X-post. His analysis was based on the LINK/BTC 3-day chart, where he noted that LINK’s performance had been impressive during the first two weeks of February when it gained by 32.77% to a peak above $20.

Accordingly, the initial momentum that Chainlink enjoyed did not help it surpass resistance at the 0.00480 BTC level, hence failing to break out. The altcoin is now searching for higher lows to establish a new support level, usually taken as a bullish signal in technical analysis.

Van de Poppe expects Chainlink to touch its higher low and experience a trend reversal that could lead to an increase of 4500 satoshis, equal to $2.29, with the current price of Bitcoin being $50,561. This may help Chainlink cross back above the $20 mark.

Furthermore, Van de Poppe believes that if this pattern holds, Chainlink might eventually break out to hit a price range of $30-$40 in the coming months, representing a potential maximum gain of 122.71% from its current market price.

In addition, crypto analyst Muhammad Azhar has highlighted Chainlink’s growth potential despite challenges on its BTC pair journeying. For instance, Azhar said they must make their way to a higher low with strong support since Van de Poppe discussed a possible burst toward $30-$40 in the coming days.

On the other side, another analyst, Ben Walther, dared to boldly forecast that the utility of Chainlink has such strength that its placement would be one of the top gainers within the next market cycle, with a final target price at $150.

$LINK's utility is so super strong. Will be one of the stars in the next run, imho. $150 is my final target.

— Ben Walther (@ben__crypto23) February 23, 2024

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