An expert known as a “Master Trader” on the crypto exchange Bybit believes that an altcoin built on the Ethereum (ETH) network is ready to shine.
Using the pseudonym Bluntz, the analyst with a following of 301,800 on the social media platform X predicts that the Ethereum-based decentralized oracle Chainlink (LINK) is on the verge of a five-wave surge towards a new all-time high.
Bluntz bases his analysis on the Elliott Wave theory, a technical approach that suggests a bullish asset typically experiences a five-wave rally.
According to Bluntz,
“Major breakout on LINK today, just take a look at LINK/BTC to see that there is still room for growth. It has lagged behind other assets during the bull run and now seems to be catching up rapidly.
One of the few older coins that still has potential.”
Based on the trader’s chart analysis, he predicts that LINK could reach a new all-time high of $70.
Currently, LINK is priced at $24.44.
Bluntz also expresses bullish sentiment towards Near (NEAR), an Ethereum competitor, after it broke a diagonal resistance on its Bitcoin pair (NEAR/BTC).
“NEAR/BTC pair has finally broken out.”
Currently, NEAR is trading at $7.42.
Furthermore, Bluntz believes that the Solana (SOL)-based meme token dogwifhat (WIF) is set to outperform other meme tokens.
“WIF shows a significant basing structure and looks poised for growth compared to other meme tokens.”
Currently, WIF is valued at $3.31.
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Illustration: Midjourney