Analyst Targets $88 As LINK Strategic Reserve Launch Drives Bull Rally

Chainlink is picking up traction after a row of bullish news, including the release of its strategic reserve program. Meanwhile, network activity and price structure are starting to match, and important resistance levels are finally entering the picture. At the time of writing, LINK price is trading at $19.33 with an increase of 11% in 24 hours. Among these trends, analyst Javon Marks has estimated a long-term price target of $88.26 on LINK.

Analyst Predicts LINK Will Target $88 as Weekly Structure Turns Bullish

Javon Marks predicts that LINK will move up to about $47.15 and ultimately to $88.26 in the long term. He extrapolates this by LINK breaking out of a long-term descending resistance trendline. This breakout is a significant structural change, which implies that bullish continuation can be expected. Another indicator of strengthening momentum has been the higher lows that LINK has been able to sustain.

All these factors create a bullish thesis provided LINK is trading above reclaimed support areas. The prediction enhances the general altcoin mood and supports the existing bullish Chainlink price prediction.

The weekly chart shows that LINK has broken out of multi-month resistance zone of between $16 and $18. The price has recently been trading above the $16 support level which has been the foundation of the recent move.

Link has also formed a Cup and Handle structure, which is generally considered a bullish long-term pattern. Provided LINK trades above the $20 mark with volume, the next resistance areas will be at the $28 and $52 levels.

This kind of breakout would also confirm the macro reversal and continuation set up. Thus, the weekly picture is bullish, and the upside momentum is expected to continue in case the current levels are maintained.

Chainlink Reserve Launch Spurs Activity, Open Interest Soars

Chainlink has just announced its  LINK strategic reserve, which seeks to accumulate LINK via on-chain and off-chain revenue. The reserve already obtained more than 1 million dollars worth of LINK, which is an indicator of long-term dedication.

The reserve is built on the Payment Abstraction system of Chainlink which enables multi-token conversions. This process can take a large amount of LINK in circulation out of circulation. 

The tactical introduction can be used to help Chainlink with its institutional story and strengthen long-term demand. All these factors confirm the bullish sentiment on LINK and provide substance to the Chainlink price analysis.

Additionally, the open interest (OI) has surged by 23.37% to 1.08 billion, indicating more positioning in the markets as per CoinGlass analytics. The number of new addresses increased by 15.95%, active addresses by 17.73% and zero-balance addresses by 18.79%. 

These indicators are highlighting a rush of user activity due to new utility and price opportunities. Together with the Reserve launch, this activity demonstrates LINK picking up steam in both retail and institutional markets. The growth in the number of addresses is also an indicator of network health and adoption traction. All these signals strengthen the basic argument of a prolonged rally in Chainlink price.

To sum up, LINK seems to be technically and fundamentally poised to go higher. The target of 88 is still possible with confirmed breakout, bullish weekly structure and increasing OI and the new Strategic Reserve initiative at hand, as long as the momentum can hold above the current support levels.

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