Chainlink (LINK) Set for 111% Surge? $47 Breakout Could Lead to $88
- Chainlinks bullish momentum, marked by rising prices and increased trading volume, suggests growing market interest and potential gains.
- The next target for LINK is $47.154, which is a 111% if the trend continues and the resistance is breached.
- Key levels of $30 are critical to the upside, with LINK having the potential to climb to $47 and beyond if the trend persists.
Chainlink (LINK) has been showing bullish sentiments in the recent past with price movements in the upward direction and also a surge in trading volume. In a recent post on X, Javon Marks pointed out that this pattern is accompanied by the growing markets interest in the asset, which may lead to further gains.
The analysis highlighted that the price increase may only be the start for LINK, with the next major level to be targeted at $47.154. If the cryptocurrency is to maintain its upward trend, this means an increase of 111% from the current value. This forecast indicates that the trend that is propelling Chainlinks price might result in huge gains soon.
Potential for Chainlink Surge
According to Marks, once the price surpasses the $47.154 level, LINK may experience an increase in value that could reach $88 or more. This is a key resistance level, and if broken, it will pave the way for more gains for Chainlink, and potentially much more. At the time of writing, LINK is trading at $21.57, with the coin rising by 1.26% in the last 24 hours and by 21.28% in the last 30 days.
Source: TradingView
Chainlinks singular standing in this evaluation correlates with the overall market dynamics that continues to see more investment in decentralized oracles and smart contracts. In addition, as the use cases of DeFi and the Web3 applications grow, Chainlinks network is still vital in helping the connection between blockchain and the data from the real world.
LINK Key Levels
However, Chainlink has a good short-term forecast, but analysts are advised to pay attention to important levels. The $30 level has been a pivotal resistance level and holding here will be crucial for further upside to be seen.
A drop below this level may spells trouble for the current advance, however as long as Chainlink is in the green, investors can optimistic about a substantial rise in price. If the forecast holds true, Chainlink may be on the cusp of a surge that will take it to new heights above the rest of the cryptocurrency market.
Read more: https://www.tronweekly.com/chainlink-link-set-for-111-surge-47-breakout/
Text source: TronWeekly
