LINK Forms Pattern That Could Trigger 27% Rally to $18

Chainlink (LINK) seems to be following the larger market recovery. The asset has rallied 2.2% in the daily charts, 4.9% in the weekly charts, 15.1% in the 14-day charts, and 4.3% over the previous month.

The market recovery could be due to increased investor confidence, fuelled by the rising chances of Donald Trump winning the US Presidential race. Trump is a vocal crypto supporter, and his chances of reclaiming the Oval Office have greatly increased after the assassination attempt on his life.

Also Read: Chainlink Predicted To Rally 24% and Hit $15.50: Here’s When

While LINK is already on the recovery path, prominent crypto analyst Ali Martinez predicts the asset to hit $18.3 if it sustains its price above $14.7. Hitting $18.3 from current price levels would translate to a growth of about 27%. LINK climbed to $15 earlier today but has since fallen to $14.4.

How high will Chainlink go this week?

According to the researchers at CoinCodex, LINK will rise to $15.19 on July 24, 2024, before falling back to current levels. The platform anticipates LINK to continue trading at around $14.4 till the end of the month. CoinCodex paints a bullish picture for LINK in the month of August. The platform predicts the asset to hit $31.88 on Aug. 17, 2024. hitting $31.88 from current levels would translate to a rally of over 121%.

Changelly analysts also anticipate Chainlink to continue trading at around current levels for the rest of the month. The platform expects LINK’s price to fall to $13.96 on July 28. 2024. Changelly predicts LINK to hit a maximum price of $14.48 in August 2024.

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There is a possibility that an Ethereum (ETH) ETF will launch sometime this month. If an ETH ETF makes a debut, we may witness a market-wide rally. In such a scenario, LINK could surge to new highs.