Analyst Ali Martinez allowed the possibility of the Chainlink token rate to rise by 41%

According to the expert, the asset is approaching a key resistance area

08.02.2024 - 07:45

2 min

The material is not an investment recommendation and is published for informational purposes only.

What’s new? Crypto analyst and trader Ali Martinez has said that the rate of the native token of the decentralized network of oracles Chainlink (LINK) is able to grow by 41% from the current marks. According to him, the asset needs to overcome a key resistance level in the range of $19,49 to $20,03 for this to happen.

Source: Twitter.com

What else is known? Martinez clarified that approximately 5330 addresses currently hold 8,59 million LINK tokens purchased at prices ranging from $19,49 to $20,03. If the asset manages to overcome this level, it will head towards the next critical resistance area at $26,87.

At the time of writing, LINK is trading at $19,1, having added 4,3% over the day, with a weekly increase of 21,9%, according to data from the CoinGecko aggregator. The current rate is the highest since January 2022.

In November, Yucheng Technology, part of Hong Kong’s largest conglomerate Chow Tai Fook, began working with Chainlink’s team to launch tokenized funds.

That same month, shares of the LINK-based Grayscale investment company’s trust were trading at a 200% premium to the coin itself, indicating a desire of institutions to gain access to it in the only possible way, according to media reports.