dailyhodl.com
A closely followed crypto analyst thinks that huge upside bursts are in the cards for Chainlink ($LINK) and Cardano ($ADA).
Crypto strategist Ali Martinez tells his 115,00 followers on the social media platform X that the native asset of the decentralized oracle Chainlink appears to have broken out of a bull flag on the four-hour chart.
A bull flag is often viewed as a bullish continuation pattern, suggesting that an asset is taking a break before moving higher.
Says Martinez,
“Chainlink $LINK is breaking out of a bullish flag, targeting $50!”
At time of writing, $LINK is trading for $24.43, translating to a potential rise of over 100% if the altcoin hits the target.
Turning to the smart contract platform Cardano, Martinez says $ADA can spark a massive 426% rally from current levels if it follows in the footsteps of its 2021 price action.
“After a 44% correction, Cardano $ADA began its second leg up during the week of February 1, 2021. Now, $ADA has already undergone a 43% correction, suggesting the next leg up could be just two to three weeks away. $6 next!”
At time of writing, $ADA is worth $1.14.
As for fellow layer-1 protocol Solana ($SOL), Martinez says the altcoin could witness astronomical gains after shattering the resistance of a bullish pattern.
“Solana $SOL has broken out of a cup-and-handle pattern, signaling a potential upside target of $4,700!”
A cup-and-handle structure suggests that buyers are no longer waiting for lower levels before entering the market, leading to higher prices for the asset.
At time of writing, $SOL is trading for $275.
Generated Image: Midjourney