Chainlink (LINK) & Sui (SUI): Best Setups for the Next Crypto Rally? Price Analysis

If a Bitcoin bottom is indeed taking shape, certain of the altcoins will also be getting ready for a bounce. Two altcoins poised for a rally are Chainlink (LINK) and Sui (SUI). How far can these two go?

Breakout is close for $LINK

Source: TradingView

The daily chart for $LINK shows that a breakout is due, in one direction or the other. Below the $LINK price is a major trendline which has held since June 2023. The horizontal support is also a major level. With the price just short of a descending trendline, it cannot be long before a breakout occurs. 

While a break underneath horizontal support and the major trendline has to be acknowledged as a potential outcome, it does not seem likely. The $LINK price descended as much as 58% from the local top. If one counts the 10 October crash wick, this would be 71%. 

The RSI is showing a downtrend since July. With the RSI indicator having hit a potential bottom, a break above the downtrend would no doubt be reflected in the price action.

80% $LINK move back to the top of the triangle

Source: TradingView

The weekly chart view for $LINK looks lip-smackingly good. The price is moving inside a large triangle. Right now, the price is at the bottom of the triangle and everything points to a rise back to the top trendline. As it stands, this could equate to around an 80% move, and this is not even taking into account the possibility of a huge breakout of the triangle.

Perfect bullish high time frame setup for $SUI

Source: TradingView

Without looking at any other time frame charts, the weekly time frame for $SUI says it all. The price dropped 70% from the pivot high, and 87% if one counts the 10 October candle wick. This is a huge correction at this stage of the bull market, and must surely leave the decks clear for a rally back to the upside.

There is the possibility that the price could come down a little further and tag the 0.786 Fibonacci, which lines up perfectly with horizontal support at $1.23. Other than that, it’s just a waiting game for the price to break through the descending trendline and head back to the highs.

At the bottom of the chart, the weekly Stochastic RSI indicators are just in the process of turning back up from the bottom. This is also the case in the 2-week chart, while the 3-week and monthly time frame charts are also bottoming. This is a truly excellent setup with a potentially large amount of upside ahead for $SUI.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.