In the past week, Chainlink LINK has surged by over 15%. The rally has prompted analysts to revise and heighten their price forecasts for the altcoin. One particular price prediction for LINK has the asset beating out its current all-time high of $52.88 in the next bull cycle. That would require the asset to climb a steep 60% from its current price, a tough but still possible task.
Notable crypto analyst Javon Marks predicts that LINK will move up to about $47.15 and ultimately to $88.26 in the long term. In a recent analysis, Marks says that LINK is set to break out of a long-term descending resistance trendline. Its recent price points signal that the asset is setting higher-lows. Its upward climb in the past month (+37%) signals that the trend may continue, setting up a test of its current ATH in the coming months.
Furthermore, per Marks, LINK has also formed a Cup and Handle structure. This is generally considered a bullish long-term pattern for cryptocurrencies. If LINK maintains trading above the $20 mark with high trade volume, the next resistance areas will be at the $28 and $50 levels. Currently, its TV is up over 90%, with just above $1 billion worth of LINK being moved amongst smaller investors and whales.
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LINK’s latest upswing comes amid the project announcing the launch of the Chainlink Reserve. The reserve is designed to support long-term growth and sustainability of the Chainlink Network. The reserve will accumulate LINK tokens using off-chain revenue from large enterprises. The early stage of the reserve has already accumulated over $1 million worth of LINK. The team does not anticipate any withdrawals from the reserve over several years.
If the market rally continues, LINK could breach the $25 mark over the coming weeks. A rate cut could lead to a prolonged market rally to $52 and perhaps 88 as Marks forecasts. However, economic uncertainties and the ongoing trade wars may present substantial barriers.
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