Since 2024, the Oracle network’s Chainlink has been gaining investors’ attention consistently. In this period, the token formed multiple rallies but failed to surpass the ATH set four years ago. However, the current technical setup presents a LINK uptrend with a price targeting $50. Let’s discuss how these ambitious Chainlink price predictions will take place.
Chainlink Price To Hit $50 Per Bull Flag Pattern
After its bullish performance, the LINK token has gained investors’ attention. A crypto analyst, Michael van de Poppe, has called Chainlink a blue chip while highlighting its long-term growth potential. Others have predicted that this token will hit $32, $35, and even $50. At present, it is among the top cryptos of the market, trading at $24.30 with $15.5B in market capitalization. Interestingly, at this point, crypto analyst Ali Martinez identified the formation of the bull flag pattern, with which Chainlink price could target $50 in the long run.
According to Ali LINK prediction, the four-hour price chart showcases the formation of a falling wedge pattern, which usually results in a breakout. The current level presents the token near the 0.618 Fibonacci retracement level, acting as a launchpad for a bullish rally. The price breakdown will be confirmed at $24.47, from where it will initially target $27.18 and $30.36. According to him, the continuity of the uptrend will result in Chainlink price hitting $37.61, $41.80, $50.93, and eventually $58.63 at the extreme. However, in contrast, the price can decline to $20.45 before finding support at that level.
Although the bullish flag represents an upcoming uptrend, additional factors cater to this bullishness.
Other Factors Favoring LINK’s Bullish Momentum
The rumor of the Chainlink and BlackRock partnership is swinging investors’ sentiments towards the token. If this happened, the LINK price could hit new ATH, per a CoinGape article. Moreover, whale activity is at its peak for the crypto token, showing strong confidence in a bullish trajectory.
A recent IntoTheBlock report mentioned the rise of large investors’ transaction volume from $35.6M to $185M within a week. It reached a peak transaction count of 613, which represents the increased interest of the large buyers, which drives the price rally. This demand and user confidence are also visible in Chainlink’s trading volume, which is maintaining a peak of around $1B. Such high trading volume often leads to further price uptrends.
There are other factors, like Chainlink’s CCIP v1.5 upgrade and partnership with BTguru and many others, that help with its adoption.
Key Points To Remember
Despite the constant failures to achieve the ATH, the LINK token price is constantly rising with its growing adoption and investor interest. Multiple crypto analysts have presented a bullish outlook for the token, where Ali Martinez predicts Chainlink price will soon achieve the $50 and higher target. Ali’s prediction is based on the appearance of the bull flag pattern, indicating growth from the current level towards the new ATH. However, this analysis is based on current stats, so investors must run their own research and analysis, as market unpredictability could change the price trajectory.
The post Expert Forecasts Chainlink Price to Target $50 Due to This Setup appeared first on CoinGape.
