Chainlink (LINK) and Polygon (MATIC) Give Strong Breakout, Expect Major Rally Ahead

The crypto market began 2024 on a solid note with the Bitcoin price rallying over 7% on the very first day. Altcoins too have joined the party with the likes of Chainlink (LINK) and Polygon (MATIC) giving a strong breakout on the charts.

Chainlink (LINK) Price Can Rally to $34

The Chainlink (LINK) price has gained 5% amid this broader market bounceback and is currently trading at $15.80 levels with a market cap of $8.9 billion. The LINK price has been facing strong resistance at $17.5 levels from where it faced rejections twice over the last month. However, the recent bounceback from $14 suggests that the LINK price could make another attempt to break the upside resistance.

Renowned crypto analyst Ali Martinez suggests that Chainlink (LINK) is exhibiting indications of a bull pennant formation. The potential for a breakout exists, particularly if there is a decisive close above the $17.2 mark. Such a move could serve as a catalyst, propelling the LINK token toward the $34 price level.

However, Martinez advises caution and recommends monitoring the $14.2 level closely. A drop below this critical level could invalidate the current bullish outlook for Chainlink (LINK). Investors and traders are urged to stay vigilant and consider these key levels in their assessment of the market situation for LINK.

Last week, Ali Martinez underscored the growing confidence in Chainlink ($LINK) among significant market players. As evidence, Ali pointed out that Chainlink has witnessed the sale of more than seven million $LINK tokens, amounting to a substantial value exceeding $105 million.

Polygon (MATIC) Price Action

Amid today’s price surge, Polygon’s native cryptocurrency MATIC has also given a decisive breakout above $1. At press time, MATIC is trading 5.38% up at a price of $1.02 and a market cap of $9.79 billion.

Ali Martinez has identified a significant development for Polygon ($MATIC), indicating a potential breakout on the horizon. According to Martinez, Polygon is currently on the verge of breaking out from a notable symmetrical triangle pattern. In light of this observation, Martinez advises patience, urging investors to allow the pattern to fully develop.

The initial target for $MATIC, as suggested by Martinez, stands at $1.25. Following this potential breakout, there is a forecasted move towards $1.82. This analysis provides valuable insights for investors keeping a close eye on Polygon’s market movements.

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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.