Chainlink‘s native cryptocurrency LINK has witnessed a price increase from $7 to $14 earlier this year. However, due to the consolidation of the Chainlink (LINK) price around $14, bulls have been moving sideways since then. Yet, analysts have suggested that amidst the recent price consolidation, Chainlink could be preparing for the next leg of a bull run.
Critical Level in LINK
As long as the LINK price maintains the $14 level, bulls may have an advantage over bears. Crypto analyst Michael van de Poppe observed that Chainlink is in a consolidation phase around $14 and there are no signs of retesting the $8 level. According to the analyst, entry points between $11 and $14 are seen as suitable, with a target of $25 set for the next 3-6 months.
Van de Poppe claimed that the uptrend cycle has begun, and these consolidation periods represent suitable moments for market entry. An analyst known by the pseudonym Bluntz on social media platform X indicated many bullish trend indicators for Chainlink (LINK) on the eight-hour chart. The analyst suggests that LINK could rise to levels not seen since January 2022.
Analyst Commentary on LINK
In a post shared with his followers, Bluntz stated that the fifth wave for C has completed and has swept through $13.9 for the last time. Additionally, the analyst points to a significant high timeframe bullish divergence. Using the Elliott Wave theory, which appears in waves, Bluntz expressed his belief that this indicates an important fourth wave low. The prediction suggests that the next target for LINK is $20, concluding with a statement about potential challenges that those who may have capitulated during market movements could face.
However, another crypto analyst, Ali Martinez, noted that before reaching this turning point, Chainlink faces a significant hurdle at $15. Approximately 73.6 million LINK tokens are held at this level across 19,000 addresses, indicating a significant resistance zone. Martinez emphasized that overcoming this resistance is crucial and, if successful, Chainlink could be ready for more upward movement in its price trajectory.
