A closely watched crypto strategist believes an Ethereum (ETH)-based digital asset is gearing up for an explosive run.
Pseudonymous analyst Altcoin Sherpa tells his 196,400 followers on social media platform X that the decentralized oracle network Chainlink (LINK) is a solid crypto project from a fundamental standpoint.
According to the trader, LINK could outperform the broader altcoin markets in the next bull cycle as the coin has been trading within a well-defined range for over 500 days.
“LINK: Still one of the few coins I would consider just buying a bag and leaving for the next six months [plus]. I think this is going to be a really strong one for the next cycle. Core infrastructure for a lot of projects with few competitors.”
At the time of writing, LINK is worth $7.53, up over 8% in the last 24 hours.
Another altcoin that Altcoin Sherpa thinks could perform well in the next market cycle is Rollbit Coin (RLB), the native crypto gambling platform Rollbit. While the trader is bullish on RLB in the long term, he believes the altcoin will see declining prices in the coming weeks.
“RLB: This one will be very good in the bull market, but for now I think it will eventually go to $0.07 or lower.
However, several things can go wrong in terms of regulations/etc. I am not interested in these current prices.”
At the time of writing, RLB is worth $0.106, down over 3% in the last 24 hours.
As for Bitcoin (BTC), Altcoin Sherpa warns that it is now within the realm of possibility that the crypto king will slide towards $20,000 as it struggles to maintain its bullish momentum.
“High timeframe: A potential shift in market structure for many of these exchanges where we had lower lows. I still view this area as a potential low forming, but I’m not super excited about it and wouldn’t be surprised if we eventually drop into the low $20,000s.”
At the time of writing, Bitcoin is trading at $26,276.
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Generated image: Midjourney