June 21, 2024

Crypto Analyst Predicts Over 25% Surge for Chainlink, Says One Under-the-Radar Altcoin Could Be Undervalued

A widely filled crypto analyst is predicting a 25% upswing for decentralized oracle provider Chainlink (LINK) while updating his outlook on decentralized crypto exchange (DEX) SushiSwap (SUSHI).

In a new thread, crypto strategist Ali Martinez tells his 40,800 followers on the social media platform X that the path appears clear for LINK to skyrocket to the $20 price level.

“Chainlink has built a solid demand zone between $14.80 and $15.20, where 17,650 addresses bought 85.12 million LINK. With the lack of resistance ahead, LINK could be positioned to advance toward $20.”

Source: Ali Martinez/X

The traders’ chart, which tracks the In/Out of the Money Around Price (IOMAP) metric, indicates that a staggering 92.1% of LINK holders are in the green while just 6.5% are underwater.

LINK is trading for $15.95 at time of writing, a 6.26% increase during the last 24 hours. An increase to Martinez’ predicted price would mark a surge of about 25%.

Moving on to DEX protocol SushiSwap, Martinez says that despite the project seeing continual development, the overwhelming majority of SUSHI holders are seeing red due to the last bear market.

However, he notes that this could imply that the digital asset is undervalued.

“Despite continuous development on SushiSwap, the bear market’s impact is evident to investors. Data from IntoTheBlock reveals that over 82% of SUSHI holders are currently ‘out of the money.’ This also implies that SUSHI might be undervalued!”

Source: Ali Martinez/X

SUSHI is trading for $1.10 at time of writing, a 1.17% decrease during the last day.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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