A broadside crypto analyst predicts a 25% upside for decentralized oracle provider Chainlink (LINK), while updating his view on decentralized crypto exchange (DEX) SushiSwap (SUSHI).
In a new thread, crypto strategist Ali Martinez tells its 40,800 followers on the social media platform
“Chainlink has built a solid demand zone between $14.80 and $15.20, where 17,650 addresses purchased 85.12 million LINK. With the lack of resistance on the horizon, LINK could be positioned to move towards $20.”
The traders’ chart, which tracks the In/Out of the Money Around Price (IOMAP) metric, indicates that a whopping 92.1% of LINK holders are in the green, while only 6.5% are is underwater.
LINK is trading at $15.95 at the time of writing, up 6.26% over the last 24 hours. An increase in Martinez’s forecast price would represent an increase of approximately 25%.
We continue with the DEX protocol SushiSwap, Martinez say that even though the project is constantly developing, the vast majority of SUSHI holders are in the red due to the latest bear market.
However, he notes that this could mean the digital asset is undervalued.
“Despite SushiSwap’s continued development, the impact of the bear market is clear to investors. Data from IntoTheBlock shows that more than 82% of SUSHI holders are currently ‘out of money’. This also implies that SUSHI may be undervalued!”
SUSHI is trading at $1.10 at the time of writing, down 1.17% over the last day.
Don’t miss a beat – Subscribe to receive email alerts straight to your inbox
Check price action
follow us on Tweet, Facebook And Telegram
Surf to the Daily Hodl mix
Featured image: Shutterstock/Upl/David Sandron/Sensvector