Analyst Predicts Chainlink (LINK) Price to Hit $40 – Here’s the Outlook

Analyst Predicts Chainlink (LINK) Price Surge

Chainlink (LINK) is under the scrutiny of the crypto market as top analyst ZAYK Charts forecasts a potential price surge for the token. According to their analysis, Chainlink could reach $40, a 229% increase from its current price.

Technical Analysis and Historical Context

The projection is based on a long-term descending wedge pattern visible on the weekly chart, which historically signals a bullish breakout.

From late 2019 to early 2021, Chainlink formed a similar wedge pattern, marked by lower highs and lows. This pattern resulted in a breakout that drove the price to an all-time high of over $50 in 2021.

The current wedge appears to be approaching its apex, where breakouts are often observed. This suggests a potential price recovery and a trajectory similar to its past performance.

Price Targets and Resistance Levels

Chainlink is currently trading around $10.89, near the lower boundary of the descending wedge. ZAYK Charts predicts a bounce from this level, with resistance levels at $25 and $40 acting as potential targets.

The green box on the chart identifies the bullish target zone between $12 and $40, aligning with mid-2021 resistance levels. This analysis reinforces the belief that a breakout could occur soon, with the $40 price target attracting trader and investor attention.

Analyst's Confidence

ZAYK Charts expresses confidence in the eventual breakout, stating that it is "just a matter of time" before Chainlink hits $40. The descending wedge pattern, associated with bullish reversals, further supports this forecast.

While an exact timeline is not provided, the chart's structure suggests a price move within the coming weeks or months.