This Analyst Projects Chainlink (LINK) Price Will Go Parabolic to Three Digits—Here’s the Outlook

Crypto expert Darky has projected on X (formerly Twitter) that Chainlink's price could experience parabolic growth, pushing it to three-digit territory.

Chainlink price analysis for March 23, 2024, reveals a bullish trend as the cryptocurrency experiences a breakout following an extended consolidation phase observed earlier in 2024. A steep upward trajectory is evident on the daily price chart, indicating growing bullish sentiment and accelerating price movement.

The recent surge corresponds to a parabolic trend that analysts believe could send LINK price above the $100 mark. Chainlink’s upward structure follows Elliott Wave Theory, identifying a larger corrective pattern labeled (A), (B), and (C). The current impulse wave, labeled (C), projects higher targets in the range of $100–130. Smaller internal waves (1–5) show strong upward momentum, with the 5th wave reflecting a nearly vertical rise, signaling the potential culmination of this move.

Chainlink price analysis: Support and resistance levels to watch

The chart outlines key support and resistance levels that traders are monitoring. Support is evident around $18–20, the previous breakout range where price momentum started gaining traction. Additionally, trend support lines provide dynamic support on any pullbacks.

On the resistance side, diagonal channels project a price range between $100 and $130 as a potential target. These levels align with the upper boundary of the price channels and psychological barriers for traders. The convergence of trend lines around this price range further strengthens the forecast.

Analyst’s Prediction: $LINK Will Reach 3 Digits

Analyst Darky stated: “$LINK will go parabolic to 3 digits. This is the big play of the cycle.” The prediction mirrors the ongoing chart analysis, which supports the possibility of Chainlink reaching three-digit figures during the current cycle. However, traders are advised to remain cautious as the steepness of the trend could indicate a potential short-term correction following the climax of the 5th wave.

Volume and Moving Averages Indicate Strong Momentum

The chart analysis also suggests that LINK’s price has moved significantly above its moving averages, reflecting extreme bullish momentum. Historically, this kind of movement indicates strong buying interest, with moving averages potentially acting as support during pullbacks. Although volume data is not explicitly shown, parabolic moves of this magnitude typically require substantial trading activity to sustain upward momentum.

Chainlink’s technical outlook remains bullish, with analysts eyeing three-digit price targets. However, given the parabolic nature of the move, traders should anticipate corrections once the upward wave reaches exhaustion.

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