Analyst Forecasts $40 Target For Chainlink (LINK)

Chainlink (LINK) continues to remain among the headlines following a negative performance, which saw the token’s price decline by 7.63% in the last week based on data from CoinMarketCap. However, despite this discouraging price loss, investors and market experts appear to remain bullish on the altcoin. For instance, popular crypto analyst Michaël van de Poppe has recently released a price prediction that states LINK could double its market price in the coming months.

In a Friday post on X, Michaël van de Poppe presented a bullish case for Chainlink using the LINK/BTC 3-day chart. The analyst began his prediction by noting LINK’s positive stint in the first two weeks of February, during which the token rose by 32.77% to trade above the $20 price mark.

#Chainlink had another leg upwards in their $BTC pair towards the crucial resistance.

Failed to break out.

It’s looking for a higher low & support and then a reversal towards 4500 sats again.

I think $LINK is likely to run to $30-40 in the coming months. pic.twitter.com/HtwHogdvsJ

— Michaël van de Poppe (@CryptoMichNL) February 23, 2024

However, despite this impressive price gain, the prominent altcoin failed to breach a crucial resistance zone at 0.00480 BTC, thus failing to initiate a breakout. Following this event, van de Poppe believes that Chainlink is now seeking a higher low to serve as its support level.  For context, a higher low In technical analysis refers to a pattern on a price chart in which a successive low point in a trend is higher than the previous low point. It is usually interpreted as a bullish signal indicating a potential trend reversal or continuation of an upward trend.

After successfully finding its higher low, van de Poppe anticipates LINK to experience a price reversal, gaining by 4,500 satoshis, which is currently valued at $2.29 at the current Bitcoin price of $50,761. Thus, Chainlink could soon return above the $20 mark. Furthermore, the analyst believes this price gain could lead to LINK finally initiating a breakout, hitting a price in the range of $30-$40 within the next few months. If this prediction proves true, the altcoin could experience a potential maximum gain of 122.71% on its present market price.

At press time, Chainlink continues to exchange hands at $17.96 with a 0.11% gain in the last day. Meanwhile, the token’s daily trading volume has experienced a slight decline of 0.70% and is now valued at $426.65 million. Based on market shares, Chainlink is ranked as the 12th largest cryptocurrency with a total market cap value of $10.55 billion.