Chainlink (LINK) price trajectory is interesting as it hovers above a multi-year support level. Crypto analysts, including @AMCryptoAlex and @ProdDesignerSam, have analyzed the token’s price action, with predictions of a potential breakout if the $20 resistance level is breached.
The recent price behavior and long-term trend have prompted bullish outlooks by both traders and investors. At press time, LINK trades at $12.30 as per CoinGecko data.
Multi-Year Support Remains Intact
According to a tweet from @AMCryptoAlex, Chainlink has been holding above a key multi-year support trendline that has been active since early 2018.
$LINK multi-year support trendline is still holding wellIt's one of the most undervalued crypto out there Once it breaks above $20, it'll moon pic.twitter.com/bgExcpxwaq
— AMCrypto (@AMCryptoAlex) September 25, 2024
The trendline, highlighted in yellow on the chart shared by the analyst, shows multiple rebounds off this level, signaling strong buyer interest. As long as LINK continues to respect this support, it remains in a favorable position for potential upward movement.
The analyst pointed out that the current price of LINK is approaching the critical $20 mark. Historically, this level has acted as a key resistance point. Should LINK manage to surpass this price, it could trigger a new wave of buying pressure, pushing the token higher.
Potential Breakout Above $20
The $20 price level is seen as a pivotal point for Chainlink. Analysts believe that a break above this threshold could open the door to more substantial gains.
@AMCryptoAlex suggests that once the price crosses $20, the token could experience an accelerated rally, potentially leading to what is often described as a “moon” scenario.
Such price movements typically attract new buyers and additional liquidity, driving the price higher. This aligns with general market behavior seen in past crypto breakouts, where overcoming key resistance levels can spark sustained rallies.
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Predictions of a Rally Toward $150+
Another analyst, @ProdDesignerSam, added to the bullish sentiment, predicting that Chainlink could climb beyond $150.
In his tweet, he emphasized the strong public endorsement of Chainlink by major financial institutions, including the Depository Trust & Clearing Corporation (DTCC). This backing, combined with positive technical indicators, provides a solid foundation for the analyst’s optimistic price target.
$LINK to $150+, easy. Gonna need the Link marines to blow up the timeline with how big of a run we’re about to go.#Chainlink is PUBLICLY endorsed by the largest settlement clearing house (DTCC) for Financial Institutions and you not even holding some $LINK? N.G.M.INFA, Like… pic.twitter.com/RjQkWpupyF
— Sam | Global Macro Investor (@ProdDesignerSam) September 25, 2024
While the prediction of a rally to $150 remains speculative, it has gained traction within the LINK community, especially among the so-called “Link Marines” who are known for their support of the token.
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The post Chainlink Holds Above Key Level, Expert Predicts Rally If $20 Mark Breaks: Can LINK Price Hit $150+? appeared first on CaptainAltcoin.
