Chainlink Eyes 300% Upside As Road To $46 Forms – Analyst

Chainlink (LINK) has experienced a 7.64% price increase in the last week, mirroring the broader crypto market's recovery. Analyst Ali Martinez predicts a potential major rally for LINK based on technical analysis. He identifies an ascending parallel channel defining LINK's market behavior since mid-2023. Martinez suggests LINK could revisit the channel's lower boundary, with $15.00 being a crucial accumulation zone. He anticipates a recovery towards the channel's upper boundary after the potential dip to $15.00. Interim resistance at $20.04 might cause a brief pullback before a breakout. Martinez forecasts a potential 300% gain, with a target of $46.31 based on the 1.272 Fibonacci extension. Currently, LINK trades at $18.21, reflecting a 2.41% daily gain with a declined trading volume. Despite the recent gains, LINK is still down 11.05% monthly, and is ranked as the twelfth largest cryptocurrency. This suggests more upside is needed to recover recent losses.