Chainlink price is on track for the first weekly drops in a month as the recent rally in the cryptocurrency industry took a breather. Its retreat has mirrored that of other altcoins like Ethereum and Cardano. Still, some analysts believe that the LINK price will bounce back, and possibly move to $100 when this shakeout ends.
Crypto Analyst Explains Why Chainlink Price Will Hit $100
LINK price was trading at $22.65 on Wednesday, down by about 17% from its highest level this month. In an X post, WSB Trader Rocko, a popular crypto analyst, maintained his view that Chainlink was still on a path toward $100 in this bull run. If this view is accurate, it would imply a 354% increase from the current level
Rocko pointed to the latest news that Chainlink was selected to provide oracle technology to Coinbase, the biggest exchange in the United States. He then noted that Chainlink was also selected by other large organizations like Swift, DTCC, BNP Paribas, Citi, Franklin Templeton, UBS, and Vontobel.
A potential catalyst for the LINK price, according to another analyst, is that Chainlink will be incorporated into Swift’s network. Global banks own SWIFT Network, which handles over $150 trillion each year. That analyst expects that Chainlink’s market cap will get to over $500 billion in the long term.
Meanwhile, the amount of Chainlink balances in exchanges is falling. This is a sign that many investors are holding it in their wallets or staking it.
LINK Price Analysis: Target $40 Before Hitting $100
The weekly chart shows that Chainlink price has strong technicals and that its bullish trend will continue. It formed a cup pattern whose upper side was at $22.64. A C&H pattern is made up of a cup, which happens when there is a rounded bottom. LINK price has also completed the handle section.
A profit target in a C&H pattern is established by first measuring the cup’s depth. One then taking the same distance from the upper side of the cup. In this case, measuring 77% from the cup brings the target to $40.8, which also coincides with the 23.6% Fibonacci Retracement level.
For the LINK price to move to $100, it needs to first cross that level. It will then need to flip its all-time high at $52.90.
Conversely, the bullish Chainlink price forecast will become invalid if it drops below the lower side of the handle at $8.4. A drop below that level will point to more downside, potentially to $1.
The post Here’s Why This Top Analyst Sees Chainlink Price Hitting $100 appeared first on CoinGape.
