Chainlink price has started the month well, surging to its highest level in almost three years. The rally was driven by the start of the altcoin season and its role in the oracle industry. One analyst believes that the LINK price could surge to $200 in this bull run.
Crypto Analyst Sees Chainlink Price Hitting $200
Crypto analysts are generally bullish on the Chainlink price after it crossed the important resistance level at $22.80. In an X post, one expert predicted that the coin would jump to between $200 and $800 in the ongoing bull run.
If this is accurate, it means that he expects the coin to rise by between 700% and 3,233%. While this LINK price forecast seems extreme, it is possible in the cryptocurrency industry. Just recently, Ripple and Stellar Lumens prices have soared by over 400% in the past 30 days.
The analyst cited a longer timeframe chart, which he drew a channel. He sees it soaring if bulls attempt to retest the upper side of that channel.
One catalyst for the rally is that more whales are buying LINK. Also, data by IntoTheBlock shows that the number of new addresses has jumped to the highest level in two years.
At the same time, the total value secured in the network has risen to $37.57 billion. This makes it a bigger oracle network than other networks like Chronicle, WINKLink, and Pyth.
LINK Price Technical Analysis: Uptrend Has Room to Go
The weekly chart shows that the Chainlink price has just moved above the crucial resistance level at $22.80 after rising for three weeks straight. This was a key level since it was the highest level on March 11.
Chainlink token has invalidated a potential double-top pattern whose neckline was at $8. This pattern often leads to a strong downside. The coin is now approaching the 50% Fibonacci Retracement level at $26.63.
Chainlink has remained above the 50-week and 200-week Exponential Moving Averages. Therefore, a move above this week’s high at $26.75 will be a signal that bulls have prevailed, which will increase its odds of rising to the all-time high at $52.8, which is about 120% above the current level.
On the flip side, a drop below the psychological level at $20 will invalidate the bullish view. If this happens, the next point to watch will be the 200-day moving average at $12.
The post Analyst Forecasts Chainlink Price Target of $200 This Cycle appeared first on CoinGape.
