The Chainlink (LINK) cryptocurrency has seen solid growth in the past month after a slow start to the year. The altcoin is up 7% since the beginning of April, joining other popular cryptocurrencies in the green during the same period. Chainlink is flashing strong signals of a further climb coming, with analysts suggesting LINK could eye a return to $45.
Recent analyses show that LINK is forming bullish structures on various timeframes. Analysts suggest that important resistance levels may soon be tested, with upside targets being set at higher ranges, such as $40 and $45. LINK’s all-time high price is $52.88, a price not seen since 2021. Not only is a surge to $45 good for Chainlink investors, but it also opens the door to reclaiming that ATH price and even surpassing it.
Chainlink’s price chart is showing a cup and handle pattern, a pattern commonly cited by analysts as a bullish signal. A cup and handle pattern appears mainly in market consolidation periods and projects forward a sustained upward trend. For LINK, the token recently moved toward its important resistance level between $15.30 to $15.50. Breaching $15 is just the first step towards $45, but an important one nonetheless.
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Crypto market analyst AMCryptoAlex predicts that a reevaluation of the $13.8 to $14.0 range will occur before the next upward movement. The analyst notes that a price bounce above $14 would push the price toward $18-$19. As a result, this would confirm the expected size of movements identified in cup and handle pattern measurements.
According to CoinCodex analysts, LINK could continue its bullish trajectory over the coming days. The platform anticipates the asset to breach the $17 mark on May 5. CoinCodex further predicts LINK to trade at $19.49 on May 11. LINK’s price will rally by 30.72% if it hits the $19.49 target. On the other hand, CoinCodex does not anticipate Chainlink’s (LINK) price to hold at $19. The platform expects a correction to $10.12 on May 24. Falling to $10.12 from current price levels will entail a correction of about 32.13%.
