Chainlink (LINK) has emerged as one of the top cryptocurrencies over the past week following an impressive market performance that saw the token rise 46.49% over the past seven days.
Even amidst whale movements, indicating that investors are taking profits, LINK has managed to maintain its bullish momentum, gaining 6.10% over the day to above $11.
However, despite the positive sentiment that has currently overwhelmed the LINK market, some analysts believe the token is due for a major retracement.
LINK To Get Below $10: Is the Bullish Run Over?
In a message on X On Friday, crypto analyst Altcoin Sherpa shared a prediction that LINK could soon experience a price drop, reaching a low of $9.50.
However, Altcoin Sherpa notes that this potential price loss may not mean the end of LINK’s bullish phase. In fact, the analyst describes the token’s price decline as “healthy.”
$LINK: Be patient Marines, coming down a bit is healthy. €9.50 would be great. #CLUTCH pic.twitter.com/eJBdkFar4o
— Altcoin Sherpa (@AltcoinSherpa) October 27, 2023
According to Sherpa’s prediction, LINK’s drop below $10 could simply be a price correction before the token resumes its upward trajectory. If this prediction turns out to be true, many traders could see this $9.50 region as a great entry zone.
Interestingly, Cryptonary, another X analyst, recently shared a similar price prediction.
In a after On Thursday, Cryptonary called for a lot of caution in the LINK market, stating that the crypto asset may not maintain its current high price level for long.
In support of this prediction, the analyst states that the Relative Strength Index (RSI) shows that Chainlink is currently in the overbought zone, indicating that a price drop is on the horizon.
Although many traders have opened long positions on LINK, as evidenced by the market’s positive funding rates, Cryptonary has advised investors not to join the crowd.
LINK rose 60% in six days: what now?
LINK is overbought, but can it hold at these higher levels here? In our experience, movements that go straight up are usually not sustainable.
But let’s see what the graphs say!Technical analysis
LINK has been able to hold its ground on… pic.twitter.com/nVvpYPKp1t
— Cryptonair (@cryptonair) October 26, 2023
Like Altcoin Sherpa, the analyst predicts that LINK’s price will fall to $9.67 for a near-term retracement. However, with strong selling pressure, Cryptonary states that LINK could trade as low as $8.
At the time of writing, LINK transactions about $11.54 with a gain of 0.25% on the last day. Meanwhile, the token’s trading volume has increased by 8.01% and is valued at $824.92 million.
Chainlink records partnership series
In other news, Chainlink recently shared with the crypto community its series of collaborations with major legacy brands in advancing the adoption of blockchain technology.
#Chain link works with key players in the global economy:
1. Swift: standard messaging network for more than 11,000 banks
2. DTCC – the world’s largest securities settlement system, processing more than $2 trillion annually
3. ANZ – Leading Australian bank with $1T+ in AUM
4. Vodafone…— Chainlink (@chainlink) October 27, 2023
In a wire posted on
In addition to Swift, Chainlink also discussed working with the Depository Trust and Clearing Corporation, the Australia and New Zealand Banking Group Limited and Vodafone Digital Asset Breaker (DAB).
LINK trading at $11.569 on the daily chart | Source: LINKUSDT chart on Tradingview.com
Featured image from iStock, chart from Tradingview