Analyst Calls Chainlink the ‘Easiest Trade’ Following Big Breakout, Updates Outlook on Bitcoin and Solana
A closely followed crypto strategist says that the decentralized oracle network Chainlink (LINK) will likely generate substantial gains for patient traders.
Pseudonymous trader Altcoin Sherpa tells his 196,900 followers on the social media platform X that Chainlink is bullish now that it has broken out of its massive accumulation range.
“LINK: I think this is going to be the easiest trade for you to just let it ride ONCE price breaks out of this range. 200-week exponential moving average (EMA) is right here so be careful, but I’m going to buy every dip when it solidly breaks out above $10. It probably goes to at least $18, in my opinion.”
At time of writing, LINK is trading for $10.37.
As for Bitcoin (BTC), Altcoin Sherpa thinks that the crypto king is headed to $40,000 now that it is trading above $32,000.
“BTC: seems pretty simple for me: if price strongly breaks $32,000, we’re going to $40,000.”
At time of writing, BTC is worth $33,770.
Altcoin Sherpa is also bullish on the smart contract platform Solana (SOL). According to the analyst, SOL will likely print a new 2023 high if it can stay above a key level.
“SOL: EMAs healthy, I think that if this can comfortably stay about $27, then $37 is the next area up.
*Be careful about the Solana supply coming onto the market via FTX.
I still think that this is one of the best buys you can make though.”
At time of writing, SOL is worth $31.43.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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