Chainlink’s price has shot up recently—growing to over 3 times its value in just a few months. Now it’s pulling back some, and traders are watching closely to see what happens next. On X (formerly Twitter), popular analyst AMCrypto stayed positive about LINK, saying the core strengths haven’t changed and predicting it could reach $100 this market cycle.
Chainlink Price Movement and Chart Analysis
LINK’s price history shows clear patterns. It fell throughout 2022 and early 2023, before stabilizing around mid-2023. The price then remained relatively stable for the rest of the year. Finally, the price found its footing and started climbing slowly.
Then 2024 hit and LINK took off, breaking through that tough $25 level that had stopped it before. That old resistance at $25 turned into a floor that helped support the price. This upward momentum brought the token to levels above $40 before encountering a correction. Analysts note that this retracement is a natural response following a nearly threefold increase in value.
Technical Patterns Signal Bullish Potential
The chart displays a textbook cup-and-handle pattern, characterized by a rounded bottom and a breakout above resistance. While the handle is not explicitly visible, the price action strongly mirrors a classic bullish breakout. The previously critical resistance zone, between $23 and $25, has now transformed into a potential support area.
Image Source: X/AMCrypto
Analysts also highlight that the price correction phase could retest this zone. A successful hold above the $23-$25 range could pave the way for LINK’s price to resume its upward trajectory. Meanwhile, the resistance zone between $40 and $47 may act as a near-term barrier as the market assesses the token’s next move.
Analyst’s Prediction and Investor Sentiment
AMCrypto pointed out that LINK’s fundamentals remain strong despite the correction. The analyst urged investors not to panic sell, expressing confidence that Chainlink’s price could achieve a $100 target during this market cycle. This prediction is based on the assumption that the token’s underlying technology and market adoption will continue to support its growth.
A lot of investors seem hopeful about Chainlink, but they’re keeping a close eye on whether these support levels hold during this correction. How the price acts here could tell us a lot about whether this upward trend has real staying power.
Between the solid tech behind it and decent market confidence, Chainlink remains pretty interesting to crypto traders and longer-term investors these days. Whether it can meet the bold $100 prediction will depend on how well it navigates the current market conditions.
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The post Could Chainlink (LINK) Price Hit $100 This Cycle Despite Correction? Analyst Explains appeared first on CaptainAltcoin.
