【Can Chainlink Follow Ripple's Path and Surge 500%?】
Chainlink (LINK) has recently seen a strong price rebound, rising for three consecutive weeks and retesting the $20 resistance level for the first time since March. Analysts believe that LINK has significant upside potential, similar to the previous explosive rise of Ripple (XRP).
Technical analysis shows that LINK has broken through a multi-year descending wedge pattern, with analysts predicting a potential price increase of 500%, reaching $120. LINK has formed a 'cup and handle' pattern, with the price breaking through the upper edge, and the target price based on the pattern is $31.60. At the same time, LINK has also formed a 'golden triangle flag pattern,' with a short-term target of the year's high at $22.85, and if broken, could further explore $31.60.
However, if LINK falls below the key support level of $17, the bullish forecast will be invalidated, and the price may retrace to the 200-day EMA, which is approximately $13.29.
Analysts point out that LINK's fundamentals are strong, and its community, 'LINK Marines,' has the potential to drive prices. This wave of increase is accompanied by high market sentiment, with the Crypto Fear & Greed Index reaching 85, showing significant upward momentum.