Chainlink (LINK) Price Prediction: Can LINK Hit $100 This Cycle Despite Correction?

Chainlink's price has shot up recently—growing to over 3 times its value in just a few months. Now it's pulling back some, and traders are watching closely to see what happens next.

Chainlink's (LINK) price has pulled back slightly after a strong run-up in recent months, but some analysts believe the token could still reach $100 this market cycle.

After falling throughout 2022 and early 2023, Chainlink's price stabilized around mid-2023 and remained relatively stable for the rest of the year. Finally, the price found its footing and started climbing slowly.

Then 2024 arrived and brought new energy to the crypto market. LINK broke through that sticky $25 level that had stopped it before. That old resistance at $25 turned into a floor that helped support the price as it continued moving up.

This upward momentum brought the token to levels above $40 before encountering a correction.

After nearly tripling in value over a few months, a retracement was bound to happen, and that's exactly what we're seeing now. But if you look at the 1-day Chainlink price chart, you'll notice a clear technical pattern forming.

This chart displays a textbook cup-and-handle pattern, which is characterized by a rounded bottom and a breakout above resistance. While the handle is not explicitly visible in this case, the price action strongly mirrors a classic bullish breakout.

The previously critical resistance zone, between $23 and $25, has now transformed into a potential support area. As the price corrects, analysts expect it to retest this zone. A successful hold above the $23-$25 range could pave the way for LINK's price to resume its upward trajectory.

Meanwhile, the resistance zone between $40 and $47 may act as a near-term barrier as the market assesses the token's next move.

Despite the correction, AMCrypto highlighted that LINK's fundamentals remain strong. The analyst urged investors not to panic sell, expressing confidence that Chainlink's price could achieve a $100 target during this market cycle. This prediction is based on the assumption that the token's underlying technology and market adoption will continue to support its growth.

A lot of investors are hopeful about Chainlink, but they're keeping a close eye on whether these support levels hold during this correction. How the price acts here could tell us a lot about whether this upward trend has real staying power.

Between the solid tech behind it and decent market confidence, Chainlink remains pretty interesting to crypto traders and longer-term investors these days. Whether it can meet the bold $100 prediction will depend on how well it navigates the current market conditions.