Chainlink price analysis: LINK still looks primed for a 20%+ upswing

presale final stage
presale final stage

Chainlink price analysis: LINK still looks primed for a 20%+ upswing

By Benson Toti - min read
  • Chainlink (LINK) price outlook suggests bulls will eye $8.00 and then $9.50 if upside momentum holds.
  • The cryptocurrency has been in accumulation for more than 300 days.
  • A 20% breakout to the suggested highs last reached in November is possible for LINK/USD.

Chainlink (LINK) is changing hands around $7.40, up 7.3% at the time of writing.

It’s not a huge breakout for the 23rd ranked altcoin (by market cap), particularly given the mega swings seen today with Bitcoin hitting multi-month highs above $25,000 and Ethereum testing bearish resolve above $1,700 on Thursday.

LINK price – the bullish case

While the LINK price is facing rejection around $7.50 amid potential slowdown for bulls, a technical outlook for the oracle network’s native token suggests a run to $8 can still happen.

According to crypto analyst Ali, LINK could swing to the upper trendline of a rising channel as the coin has tended to bounce after reaching the support line. Note that this outlook is from a few days when Chainlink price rebounded from the parallel channel’s lower trendline to test resistance around $7.50.

Per the prediction Ali recently shared, LINK might continue with the pattern, which is key after today’s price action saw bulls test the aforementioned supply wall.

Another analyst, Inmortal, points to the fact that Chainlink has been in consolidation for more than 300 days. The accumulation could end with a violent breakout. 

Looking at the Chainlink price chart, a rally above $8.00 could open up a 22% upside path for LINK/USD to target the $9.50 reached on 8 November 2022. 

LINK price – the bearish scenario

As tailwinds could wane amid broader market slowdown, the ascending middle line currently provides the main resistance area.

A sell-off triggered by wider market uncertainty means bears can still target $6.75 and $6.00 remains a crucial buffer zone.