Chainlink price rises 8%, analyst sees buying opportunities for Chainlink

Analyst Michaël van de Poppe is positive about the price of Chainlink, but advises against chasing the current price movement. In two scenarios, he explains where he sees potential buying opportunities and what the price target is for this move. The direction of Bitcoin plays a decisive role in this.

Chainlink is available on OKX and Bybit.

In brief:

• Van de Poppe sees two scenarios for Chainlink with buying zones below $9.20 and $8.60
• The price target for both scenarios is $11
• Bitcoin determines which scenario unfolds

Two scenarios dependent on Bitcoin

Van de Poppe shares his analysis on X and states that Chainlink looks technically strong, but that he would not open a position at this time. The LINK price has risen considerably recently, and he considers entering at the current level unwise.

In the first scenario, Bitcoin moves slightly lower but a major decline to $61.000 fails to materialise. In that case, Van de Poppe expects LINK to fall back below $9.20. He sees that level as an aggressive buying opportunity towards a price target of $11.

Deeper pullback offers the most favourable entry

If the market declines more sharply, Van de Poppe looks at an entry point below $8.60. He considers this the most favourable level to open a long position. In that case too, the price target is $11.

Bitcoin is currently at $63.009, up 0.1% over the past 24 hours. Earlier this week, Van de Poppe already stated that Bitcoin is stuck in a range, which increases uncertainty about the direction of the market. Whether LINK reaches its price target therefore depends strongly on how Bitcoin behaves in the coming days.