The crypto market continues to make positive aspects all through immediately’s trading session as Chainlink (LINK) and others comply with within the footsteps of Bitcoin’s rally. The inexperienced season might start, however which altcoin will prevail within the race?

One analyst provided a principle about LINK’s potential to outperform the altcoin sector and be among the many prime gainers within the coming months. As of this writing, Chainlink’s native token is trading at $5.6 with a 6% achieve within the final 24 hours alone.

LINK worth data minor positive aspects on the each day chart; Can it bounce again to $9.5? Supply: LINKUSDT on Tradingview

Chainlink (LINK) worth goal for a bull market

LINK is without doubt one of the altcoins that gained recognition in 2020 and 2021 as decentralized finance (DeFi) protocols started to achieve acceptance. Right this moment, the cryptocurrency has suffered from the continued downtrend throughout the sector.

Nevertheless, analyst Daan Crypto believes Chainlink might rally and set new yearly highs. Not too long ago, LINK worth crashed from a high of $9.50 and fashioned a mean vary at that level.

In different phrases, $9.50 offered a robust resistance for the worth of LINK in 2023. Throughout LINK’s downtrend, the analyst believes the bulls managed to defend $5.50, which is what indicating a constructive forecast for the cryptocurrency.

By way of Twitter, Daan Crypto defined when sharing the chart under:

$LINK Adopted the plan. It deviated under its 400-day vary and retook it. I would not anticipate this to outperform lots of the new shiny cash, however the debasement is obvious and the risk-reward ratio is strong. Right here it’s: do or die.

LINK prize up for extra wins? Supply DaanCrypto by way of Twitter

The chart above reveals that if the LINK bulls can proceed the momentum, the token might rally as high as $10. This goal corresponds to the highest of the channel when the token has been transferring for over a 12 months.

Nevertheless, merchants ought to needless to say the token failed to interrupt via this resistance and all the time noticed large losses after hitting this high. Within the short-term, given the favorable situations within the crypto market, LINK appears poised to proceed its uptrend.

Cowl picture from Unsplash, chart from Tradingview