Chainlink (LINK) has slipped below $21, sparking discussion among traders about whether the current downturn could be setting the stage for the next major rally.
Popular analyst Michaël van de Poppe suggested that LINK is entering a crucial higher timeframe support zone, one that could mark the base for a move toward new all-time highs.
According to van de Poppe, this correction may represent a strong accumulation opportunity for altcoin investors. He emphasized that the likelihood of support holding is high, with LINK potentially gearing up for its next upward leg once market conditions stabilize.
Recent trading data supports this outlook. LINK is currently priced around $20.72, down more than 4% on the day. The RSI indicator has slipped to 36, signaling oversold conditions after weeks of selling pressure.
Historically, similar RSI levels have preceded strong rebounds, suggesting that buyers could soon regain control if the support zone holds firm.
Market structure highlights key areas to watch. The $20 level has acted as a psychological barrier, while deeper support lies between $15 and $18. A successful defense of these zones could pave the way for a retest of the $25–$28 range, where LINK last encountered heavy resistance earlier this year.
For altcoin investors, the next few weeks may prove decisive. If Chainlink maintains its higher timeframe support, analysts believe it could ignite a broader rally across the market, with LINK leading the charge toward fresh highs.
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Source: https://coindoo.com/market/chainlink-link-crash-could-spark-the-biggest-altcoin-rally-yet/