Crypto analyst Ali Martinez hints at a possible uptick for the digital token Chainlink (LINK), based on the asset’s impending breach of a significant resistance level. His assertion suggests that overcoming a specific supply barrier could lead to a notable 38% price escalation to $26.87 for LINK.
Key Resistance Barrier for Chainlink
Martinez explained on a social media platform that Chainlink is currently encountering a major resistance zone between $19.40 and $20.03. Here, thousands of addresses are collectively holding a substantial amount of LINK. Penetrating this threshold could trigger a substantial rise in the token’s value.
Chainlink’s Market Outlook
Investors are keeping a close watch on Chainlink’s In/Out of the Money Around Price (IOMAP) data to better understand potential support and resistance points. Echoing Martinez’s optimism, analyst Rekt Capital observes an upward trend for Chainlink, while also cautioning that the token might need to dip to support levels before rallying again.
Despite a recent 3% decline in price, causing Chainlink to trade at around $18.40, the overall market sentiment among analysts remains bullish regarding its upward trajectory. They anticipate that LINK will not only recover but also reach new highs following a brief period of consolidation.
The anticipation of Chainlink’s next move remains high among analysts and investors alike, as they monitor the cryptocurrency’s behavior against the backdrop of a speculation-driven market.