The crypto market is in major turmoil, fueling the Chainlink price crash. Since Donald Trump signed the Executive Order for Bitcoin Reserve, the market has been on a rollercoaster ride, and so have digital assets. Amid this, crypto analyst Ali Martinzez has sparked enthusiasm for the LINK holders, claiming that the token’s price could hit $45 in the coming weeks.
Ali’s Bullish Outlook: Chainlink Price to Hit $45 Next
Chainlink has long lost its prime, where its price hit $52.88 four years ago. It is currently in turmoil, trading 75% down from its peak at $12.89 with a market capitalization of $8.22B. However, despite the short-term bearish behaviour, the long-term outlook is bullish for the token, per analysts.
In a recent X post, Ali revealed that the LINK token trades in an ascending parallel channel, where the channel’s upper boundary follows its lower boundary.
With that, the current Chainlink price charts data, this token is at a lower boundary, with the key support being $6-$9.
Notably, the upper boundary will follow next, pushing the LINK price to a high of $45. Overall, historical trends and a bullish pattern reveal that recovery is imminent.
Supporting Factors Fueling LINK’s Potential Rally
Chainlink has strong development activity and supporting technical factors, which puts it among the best cryptos of the market. Factors like high large investors (whale) accumulation and high trading volume show strong investor confidence, and increasing adoption of the oracle solution puts it up for recovery.
In addition to Ali, a few other crypto analysts also claim recovery. One adds that the token’s chart forms a megaphone pattern, characterized by the two ascending and diverging trendlines. Such a pattern often leads to a rebound, and the bullish outlook will persist as long as the price remains above the lower side of this megaphone.
With that, LINK could surge 120% to $30, but the failure to hold or drop below the lower boundary of the wedge pattern will result in the crash to $5.57.
Final Thoughts
Ali Martinez’s Chainlink price prediction puts $6-$9 as the crucial support zone for this altcoin’s rally. If it maintains this support, the price could surge to $45. However, amid high volatility and investors’ bearish sentiments, the downtrend can also persist.
In addition to this bullish outlook, various factors must favor this rally, especially the investor sentiments and the crypto market’s performance.
The post If Chainlink Token Holds This Support Level, LINK Price Could Hit $45 appeared first on CoinGape.
