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!”
Source: Ali Martinez/X
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!”
Source: Ali Martinez/X
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!”
Source: Ali Martinez/X
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
