- Chainlink’s consolidation between $9 and $11 is seen as a rare buying opportunity ahead of a potential major rally.
- LINK’s bullish outlook is reinforced by Bitcoin’s recent strength, with analysts predicting significant upside potential.
Chainlink (LINK) is being hailed as a “once-in-a-lifetime opportunity.” After the recent significant developments, as reported by CNF, Chainlink (LINK) may potentially surge. According to renowned crypto analyst Michael Van De Poppe, its current price consolidation between $9 and $11 presents a critical buying window before the token experiences a significant rally.
Van De Poppe also noted that Chainlink has flipped a crucial resistance level into support on the weekly charts, signaling a bullish trend that could propel LINK to a high of $35.29 in the near future, potentially even challenging its all-time high (ATH) of $52.88.
As of today, according to CoinMarketCap, Chainlink (LINK) is trading at $11.56, showing a 2.48% increase in the past day, though it has decreased by 5.60% over the past week. See LINK price chart below.
In a post on X (formerly Twitter), Michael reaffirmed his stance, highlighting the ongoing consolidation as a key buying opportunity for investors. He pointed out that while LINK has shown steady price action within this range, it is poised for an upward breakout.
#Chainlink is still consolidating above the crucial resistance and flipping that for support.
I think anything between $9-11 is an interesting one to buy into.
I mentioned it a few times, but it remains to be an opportunity of a lifetime. pic.twitter.com/3vCTTiYsAe
— Michaël van de Poppe (@CryptoMichNL) October 4, 2024
Michael’s bullish outlook on Chainlink is also tied to Bitcoin’s recent performance. He noted that Bitcoin’s strength on the 12-hour frame could provide additional support for altcoins like LINK. Following his comments, Bitcoin saw a slight 1% increase, trading at around $62,188 after an earlier dip to $60,000, signaling potential market-wide momentum.
As of October 4, 2024 last week, Chainlink’s price had risen by 2.37% to $11.37, recovering slightly from a 13% drop earlier in the week. Despite this recovery, technical indicators show that LINK is still under heavy selling pressure. The relative strength index (RSI) remains neutral, and key resistance levels around $13.46 continue to pose challenges.
While momentum indicators suggest the potential for further growth, continued selling pressure could lead to a retracement. However, analysts like Michael believe the current price range offers a rare and valuable opportunity for investors.