Chainlink LINK’s price has risen by more than 15% in the last week. This rally has led analysts to increase their forecasts and revise them. In one particular prediction, LINK is expected to surpass its all-time record high price of $52.88 during the next bull phase. It would be necessary for the asset’s price to rise 60% over its current level.
Javon Marks is a well-known crypto analyst predicts Marks believes that LINK is likely to move upwards to $47.15 in the short term and eventually to $88.26 over time. Marks has recently stated that LINK will break through a long term descending trendline. Recent price levels indicate that the asset will be setting new highs. This asset’s rise in price over the last month (+37%) suggests that it may have a positive trend.
According to Marks, LINK also has a cup and handle structure. It is considered to be a long-term bullish pattern in the cryptocurrency world. If LINK continues to trade above $20 with a high volume of trading, then the next areas for resistance will be $28 and $50. Currently its TV has increased by over 90% and just under $1 billion of LINK is being traded between smaller investors, whales, etc.
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LINK is experiencing its latest growth spurt in conjunction with the Chainlink Reserve project. The reserve was created to ensure the sustainability and long-term growth of Chainlink Network. Reserve will be accumulating LINK tokens by using revenue generated off-chain from large companies. In the early stages of the reserve, over $1,000,000 worth of LINK has been accumulated. The team doesn’t anticipate withdrawals over the next few years.
If the rally in the markets continues, LINK may surpass the $25 barrier over the next few weeks. Marks believes that a rate reduction could result in a market rally lasting for several weeks, leading to the $52 mark and possibly 88. Economic uncertainties and ongoing trade conflicts may pose significant barriers.
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Source: watcher.guru
