Analyst Predicts Rallies for Chainlink, Updates Outlook on Polygon, Floki and One Additional Altcoin

A closely followed crypto analyst is unveiling his forecast for a handful of altcoins including Chainlink (LINK), Polygon (MATIC) and Floki (FLOKI). Trader Michaël van de Poppe tells his 659,400 Twitter followers that he's bullish on the decentralized oracle network Chainlink.

Timeline of Floki-inu, Chainlink, Polygon

In an ambitious attempt to drive technological innovation within the music industry, Warner Music Group (WMG), a global entertainment behemoth, has partnered with Polygon Labs. Together, they are launching a music accelerator program to support the development of blockchain music projects and decentralized applications (dapps) on the Polygon network​.

Shiba inu was down by as much as 5% on Wednesday, as the meme coin slipped to a one-week low in today's session. Market uncertainty has heightened in recent days, following the news that Prime Trust has been placed into receivership. Additionally, traders' nerves increased ahead of Federal Reserve Chair Jerome Powell's latest speech.

After the aggressive sell-off in early June, the MATIC price indicated a minor relief rally after the market sentiment improved. The 4-hour time chart showed an ascending trendline that has been assisting these buyers with dynamic support and maintaining a steady uptrend.

In a worrying development, hundreds of users have recently fallen victim to phishing scams involving NFT airdrops on the Polygon network, resulting in a shocking loss of over $1.2 million.

Chainlink (LINK) has experienced a surge in bullish sentiment as it rebounded from the $5 support level. In the past week, LINK has surpassed several support levels, resulting in a gain of over 20%.

Polygon (MATIC) price has been rejected at $0.70 multiple times in the past week amid frantic recovery attempts by the bulls. Crypto exchanges ending support for MATIC and other altcoins have contributed to the recent price correction.

Scalability has long been a concern in the fast-paced world of cryptocurrency. As the popularity of blockchain networks grew, so did concerns about network congestion, exorbitant fees, and delayed transaction times.

Chainlink, an innovative oracle network that connects smart contracts to real-world data, has been seeing a considerable surge in its network activity, indicating strong bullish sentiment in the market. Recently, the network's address activity experienced a 10% uptick, showing increased user engagement and on-chain activity.

The MATIC price recovery has faced a hurdle in recent trading sessions, despite its impressive rebound after surpassing the $0.50 level. Although the altcoin experienced a notable 18% appreciation on the weekly chart, it lost 3% of its market value within the past 24 hours.

Floki Inu (FLOKI), the popular meme coin, has been on a steady rise in the past few days both in price performance and general adoption. Exactly a week ago, crypto giant Binance added the cryptocurrency to the Metaverse and Gaming sections on its exchange.