Chainlink (LINK) Soars 9%: Crypto Analyst Predicts Next Big Target
Chainlink (LINK) has performed strongly over the past week, with the tokens price increasing 21.3% in the last seven days. Some analysts have shared their predictions and thoughts on LINK, suggesting keeping an eye on the token and its long-term performance.
What Is LINKs Next Steppingstone?
Recently, Chainlink announced its partnership with blockchain platform Avalanche and the Australia and New Zealand Banking Group to connect the Avalanche and Ethereum blockchains using Chainlinks Cross-Chain Interoperability Protocol (CCIP).
As reported by NewsBTC, the partnership aims to facilitate the access, trade, and seamless settlement of tokenized assets across networks in different currencies in a process called Delivery vs. Payment (DvP).
The crypto community appeared to receive the news well. X users expressed their positive sentiments towards the collaboration and Chainlinks token. The sentiment has seemingly translated to LINKs performance, as the tokens price soared 9% in the last 24 hours.
Crypto analyst and trader The Lord of Entry shared his prediction for LINK. In the X post, the trader highlights that the tokens performance in the past day had been strong as it broke above the $18.5 resistance level. Chainlinks LINK unsuccessfully tested the resistance zone over the past week after falling below it on March 18.
$LINK 4hr #LINK has been strong today, but now banging into some resistance if it can flip this into support your next big target is around 28#LINKusdt pic.twitter.com/YlCDRDOFTq
@TheLordofEntry (@thelordofentry) March 26, 2024
The token continued the upward trajectory throughout the day after successfully rising above the $18.5 price. In the early hours of Tuesday, LINK surged above the $20 mark but faced resistance near the $20.5 range.
According to the trader, if the token can break above this level and turn it into a support zone, the next big target for LINK would be the $28 price range.
As of this writing, LINK tested this new resistance level, which has been rising above it twice in the past hour. The token reached $20.6 in the first attempt and briefly surpassed the $20.7 price range during the second attempt. However, the token momentarily failed to flip the resistance zone and fell below $20.5 again.
Chainlinks Very Strong Long-Term Performance
Despite the failed attempts, LINKs price surged 9% in the past 24 hours. Interest in the token has seemingly risen in the same timeframe as its market activity increased by 55.19%, reaching a daily trading volume of $539.9 million.
Its market capitalization also increased by 8.16% in the past day, reaching $12.02 billion. Chainlink is the 14th-largest cryptocurrency by this metric, according to CoinMarketCap data.
Moreover, LINK has shown a remarkable 182.6% performance in the last year. As a result, crypto analyst Altcoin Sherpa shared some notes on LINK, suggesting that it shouldnt be actively traded. Sherpa stated that the token is a better fit to buy and hold as it is a safe coin that is going to do strong numbers.
$LINK: A few notes w. this one-
-you shouldn't be actively trading this. Loads more volatile coins (though this has nice liquidity)
-Better to buy and hold, this is a safe coin that is going to do strong numbers
-Still fundamentally v. strong, 1 of the best.
-still expecting pic.twitter.com/NeJAm2ixXj
Altcoin Sherpa (@AltcoinSherpa) March 25, 2024
The analyst considers LINK fundamentally very strong and one of the best tokens based on its long-term performance. Ultimately, Sherpa predicts the price will consolidate for a bit longer before its next move.
Text source: NewsBTC
