A popular analyst is unveiling his breakout targets for a small group of altcoins including Binance Coin (BNB) and Chainlink (LINK).
In a new strategy session, pseudonymous analyst Altcoin Sherpa says that he’s keeping a close watch on Binance Coin, the utility token of the world’s largest crypto exchange.
According to Altcoin Sherpa, BNB has been trading in a wide range for a year and a strong move above the $350 level could propel the large-cap altcoin to a level last seen in March 2022.
“If this actually does have a strong breakout, then I would view $450 probably as a first area, and there’s going to be a lot of intermediate levels in between but $450 probably be my next level up.”
At time of writing, BNB is trading for $339.
Next up is the decentralized oracle network Chainlink. According to Altcoin Sherpa, a big breakout above $9.30 could push LINK to print gains of as much as 207% considering that it has been consolidating in a wide range for about a year.
“When Chainlink starts to actually move strong, I think that it’s quite likely this goes to at least $14… Since it’s accumulated for such a long time, I wouldn’t be surprised at all to see something like $25.”Â
At time of writing, LINK is worth $8.19.
Another altcoin on the trader’s list is the layer-2 scaling solution Arbitrum (ARB). According to the analyst, ARB could witness a corrective move to as low as the $1.45 level before the next leg up.
“I wouldn’t be surprised if this goes above $2. If you look at it from a fundamental standpoint, it still has pretty high TVL (total value locked), pretty high usage relative to other blockchains that are close to being [the] same value.”
At time of writing, ARB is trading for $1.62.
The last altcoin on the trader’s radar is the decentralized exchange Injective (INJ). Altcoin Sherpa says INJ is in the midst of a “monster run,” which he notes is likely to continue in the short term.
“I think the next area up would be around this $10 to $10.60 area, and that’s going to be a pretty interesting area, in my opinion. Would be looking to take heavy profits around there.”
At time of writing, INJ is worth $9.01.
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