A widely followed crypto analyst thinks that an altcoin running on the Ethereum (ETH) network is gearing up for a big surge in price.
Trader Michaël van de Poppe tells his 685,500 followers on the social media platform X that the decentralized oracle network Chainlink (LINK) looks poised for a 2x rally.
According to Van de Poppe, LINK looks bullish against both Bitcoin (LINK/BTC) and the US dollar.
“This one looks primed for continuation.
The BTC pair is making higher highs, higher lows and held a higher timeframe support level.
Expecting a breakout to $25-$30 in the coming months to occur.”
At time of writing, LINK is trading for $14.72, suggesting an over 100% upside potential if the ETH-based altcoin hits the analyst’s target.
Looking at layer-1 blockchain Sui (SUI), Van de Poppe believes that the altcoin is likely headed to its next support area at around $0.90 before the next leg up.
“This one is also having a general correction, which is fine. The optimal zone for entries is coming up, before the upwards trend is continuing.
Buy the dips.”
At time of writing, SUI is worth $1.04.
Next up is the Ethereum scaling solution Arbitrum (ARB). Just like SUI, Van de Poppe thinks that ARB will see lower levels before regaining bullish momentum.
“This region between $1.40-1.85 is an area I’d be looking to get myself positioned before a potential run to $3.”
At time of writing, ARB is trading for $1.71.
The last coin on the trader’s radar is the interoperable blockchain Cosmos (ATOM). Van de Poppe believes that ATOM must stay above its immediate support level to have a shot at igniting a strong breakout rally.
“Crucial area to hold, if this area between $7.50-9.00 is going to hold, likely a breakout to $22-$26 seems next.”
At time of writing, ATOM is worth $9.20.
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Source: https://dailyhodl.com/2024/01/23/analyst-predicts-over-100-rally-for-eth-based-altcoin-updates-forecast-on-sui-arbitrum-and-one-other-crypto/