The cryptocurrency market kicked off 2024 with a positive start, witnessing a robust performance as Bitcoin surged over 7% on the inaugural day. Altcoins, including Chainlink (LINK) and Polygon (MATIC), also participated in the positive momentum, experiencing significant breakouts 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.
