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Experienced analyst Altcoin Sherpa, closely followed by cryptocurrency investors, evaluated the current outlook of Chainlink (LINK) and 2 other leading altcoins in the crypto market amid the ongoing negative trend.
Analyst’s Comments on Chainlink (LINK)
Anonymous cryptocurrency analyst Altcoin Sherpa, in his personal account on social media platform X, stated that it would probably take months for the blockchain oracle network Chainlink to break out of a persistent trading range, saying, “It is still one of the best coins in terms of general cryptocurrency infrastructure, but it still hasn’t delivered what was expected. You can consider buying it and holding it for more than six months, and then selling it at a much higher price. I think it’s a good trading idea.”
Looking at the LINK chart shared by the analyst, it can be seen that the altcoin has been trading in a range with a peak of $9.33 and a bottom of $5.53 since May 2022.
According to CoinMarketCap data, LINK is currently trading at $6.27 with a 1.19% decrease in the last 24 hours. The data reveals that the native asset of the blockchain oracle network, which reached its all-time high (ATH) at $52.88 on May 10, 2021, is currently 88% below its ATH.
Other Altcoins on the Analyst’s Radar: AVAX and FTM
Altcoin Sherpa also predicted that some Layer 1 projects, which have decreased in importance during the current cryptocurrency cycle, will trade at higher values than their current prices in a year. The analyst focused on Avalanche (AVAX), considered the strongest rival to Ethereum (ETH), and his chart shows that AVAX has retested its potential bottom level at $9.82. AVAX is currently trading at $9.90 with a 1.89% decrease in the last 24 hours.
Following AVAX, the analyst examining the smart contract platform Fantom (FTM) expects the altcoin to bounce back after touching the level of $0.202, which it last tested about a year ago. FTM is currently trading at $0.2013 with a 1.78% decrease in the last 24 hours.
