Crypto analyst Nicholas Merten expects a bull run to clock enormous gains for altcoins.

On a new episode of Datadash, Merten says Chainlink (LINK), an Ethereum-based token that powers the decentralized oracle network, is now on the cusp of a parabolic run.

“The major thing that I’m correlating this to is the early phase of the 2017 rally. We’re starting to see a lot of the plays that are going to be similar to Ethereum – kind of the frontrunners in the market – and become some of the new large-cap plays that really lead in this cycle – are really starting to showcase and shine here. And I think Chainlink is one of them.

We’ve gotten above the resistance range here – the only question now as to whether or not this is going to hold. And what I would like to see even more is not only more volume here, in the sense of Chainlink, but also I want to see this continue climbing higher.”

At time of writing, Chainlink is the biggest gainer among the top 15 cryptocurrencies.

Currently valued at $4.42, it’s up 13.61% in the last 24 hours, according to CoinMarketCap. Bitcoin is up 0.72% at $10,240, Ethereum is up 5.93% at $280.4 and XRP is up 4.71% at $0.334.

Source: CoinMarketCap

Merten adds,

“We could start to see a really parabolic run here where prices could continue to climb higher even as Bitcoin is getting a good amount of price action over the next couple of weeks.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/GrandeDuc

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