Analyst Benjamin Cowen shared his expectations from Chainlink for the coming year.
Cowen evaluated Chainlink in a new strategy session. The analyst said that his expectations for LINK, which experienced an increase of 113% in 2021, are much higher. The analyst used the following statements on the subject:
“[In 2017] it started around $0.12 and ended around $0.60. About 5x… The following year it fell 53%, but has since been 521% in 2019; In 2020, it increased by 539%. This year, it made a modest gain of 113%. ”
According to him, LINK can earn 4x next year:
“I think you’re lucky going into 2022, I think LINK will break all-time highs… Personally, I wouldn’t be surprised if LINK goes to $100 in 2022, which equates to about a 4-fold increase from current prices… It’s still very, very much on Chainlink bullishim, but you can’t ignore the fact that it has underperformed many cryptocurrencies this year and over the past 18 months. ”
Cowen also evaluates the LINK/ETH parity:
“If you look at the LINK/ETH review… It has dropped about 88% since August 2020… This is a significant drop. LINK’s valuation against ETH would need to increase by around 700% to return to what it was in summer 2020. ”
According to him, the breakout in LINK/ETH parity may be the catalyst that sends Chainlink to its next rally:
“Below [bull market support band] since October or September 2020 and continues to be rejected repeatedly. If we break this, it could be a sign of a momentum shift for Chainlink and then potentially starting another nice rally. ”
Emphasizing the importance of LINK/ETH parity, the analyst also evaluates its performance against USD:
“I think the key areas to watch for LINK to see a reversal will, of course, be to see if LINK/USD valuation can break above its own bull market support band, which ranges from around $25 to $27… But that’s not the more important part, Whether or not LINK/ETH will get in the way… LINK basically… It is riskier than Ethereum, so it makes sense to want it to outperform Ethereum or at least be an oscillator. If all it does is fall, then you are taking more risks for less reward. ”
