Date: Fri, Oct 11, 2024, 06:22 AM GMT
As Bitcoin bounces back from the $59,000 level and trades around $60,669, several altcoins are also showing promising signs of potential growth. Two standout tokens—Polygon (POL) and Chainlink (LINK)—have caught the attention of leading crypto analyst ZaykCharts, who suggests both could be poised for significant gains.
Polygon (POL): Potential for a Breakout
Polygon, recently rebranded from MATIC to POL following the Polygon 2.0 update, is currently trading at $0.3694. According to ZaykCharts, POL is moving within a falling wedge pattern on the 2-hour timeframe, a setup that often hints at a bullish breakout. The analyst predicts a potential breakout, with an 11% upside target that could push the price to $0.4160 if successful.
Chainlink (LINK): Long-Term Bullish Outlook
Chainlink, trading at $10.65, has also caught ZaykCharts’ eye. He expressed strong confidence in LINK’s long-term potential, stating, “$LINK will hit $40 … It’s just a matter of time.” His prediction is based on a descending wedge pattern seen on the weekly chart, which historically indicates a bullish breakout.
With resistance at $40, LINK could potentially see a massive 229% gain from its current price if this breakout materializes. The growing use of Chainlink’s oracle technology across decentralized applications and its expanding partnerships could further fuel this long-term growth.
Market Conditions
While Polygon and Chainlink are on the verge of potentially significant breakouts, Bitcoin’s movement will remain a crucial factor. Bitcoin’s stability around the $59K-$60K zone could help fuel momentum for POL and LINK. However, if BTC faces more bearish pressure, the volatility could affect the trajectories of these altcoins.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always do your own research before making any investment decisions.