According to CryptoPotato, Chainlink's native cryptocurrency, LINK, is expected to rebound from its current price of $14, as indicated by a positive TD Sequential buy signal. Analysts predict significant returns for the asset, backed by encouraging on-chain metrics suggesting a bullish move.
LINK's price has fallen nearly 8% in a week, currently hovering around the $14 mark, due to the negative impact of the recent market correction. However, some analysts believe this downward trend may soon be replaced by a rally. For instance, Ali Martinez, a well-known analyst, stated that the TD (Tom DeMark) Sequential is showing a buy signal on the Chainlink 12-hour chart. He believes that if LINK maintains above the major resistance level of $13.87, its valuation could rise to $15.50. The TD Sequential is a technical indicator primarily used to identify the timing of market reversals. It was developed by Thomas DeMark and is favored by traders for its ability to provide signals based on the exhaustion of current price trends.
Another analyst, Michael van de Poppe, has also predicted a bullish future for LINK. He considers the token to be among the top 5 altcoins that can generate a 3x increase in BTC with the least amount of risk. Other assets in this category include Optimism (OP), WOO (WOO), Celestia (TIA), and SKALE (SKL).
Crypto Wolf and SlumDOGE Millionaire have also recently forecasted a promising future for LINK. The former included the asset in the list of 'mooners' for the next bull cycle, while the latter argued it is one of the top 'blue chip' cryptocurrencies at present. Some on-chain metrics also suggest a rally. According to data from CryptoQuant, LINK exchange netflow has been predominantly negative in the past month, indicating a shift from centralized platforms to self-custody methods. This is seen as bullish as it reduces the immediate selling pressure.