In the fast-paced world of cryptocurrencies, some tokens stand out from the rest, and Chainlink is currently attracting the attention of investors. According to analyst Michael Van De Poppe, Chainlink could be preparing for a significant move higher, presenting a lucrative buying opportunity for those willing to act.

Van De Poppe highlighted Chainlink’s ongoing consolidation as a potential buy signal. On the weekly chart, Chainlink has confirmed a key resistance level as support, paving the way for a bullish move. Van De Poppe suggests that buying in the $9-11 range could yield significant gains, with his price target set at $35. This forecast also suggests that LINK could reach its previous high of $52.

The analyst is also closely monitoring Bitcoin's price action. He noted that Bitcoin's strong uptrend on the 12-hour chart could lead to gains across the altcoin market, including Chainlink. Shortly after these predictions, Bitcoin's price rose 1% to $62,000, a move that could further support Chainlink's bullish momentum.

As of October 4, 2024, Van De Poppe shared his latest outlook on Chainlink as its price consolidates in the $9-11 range. Over the past 24 hours, Chainlink’s price has increased by 2.37%, currently sitting at $11.37. While this increase is notable, it has yet to fully offset the token’s 13% drop over the past week, although the recent gains have created a more bullish sentiment in the market.

Despite the recent price increase, technical indicators suggest that Chainlink is still facing strong selling pressure. Moving averages and MACD confirm this, while RSI is neutral, suggesting potential for a continuation of the trend. However, indicators such as momentum and the Hull moving average suggest further upside potential.

In short, Chainlink is offering an attractive investment opportunity. According to analysts, the price of this token could rise even higher, although it is important for investors to be cautious and monitor the ongoing selling pressure.