Chainlink (LINK) Nears the End of Wave 2 Correction, Massive Wave 3 Rally Expected in Q4

In the world of altcoins, anticipation is mounting as traders eye the conclusion of a pivotal correction phase.

Anticipation is mounting in the world of altcoins as traders keep a close eye on the conclusion of a pivotal correction phase. Charting Guy, one of the leading crypto experts, has observed that almost every altcoin, including Chainlink (LINK), has had a nearly identical graph since mid-2023. These altcoins experienced huge rallies that topped out in March 2024.

Now, as we can see, most of these gains were wiped out during the last five months, as wave 2 corrections took hold. However, there are now increased hopes that these corrections are not too far from their end.

As those watching closely will know, the final stages of this wave 2 correction are playing out. In particular, Charting Guy highlights Chainlink (LINK) as a prime example. So far, three of the five waves within the C wave of wave 2 have been completed, which suggests that one more dip could occur between mid-August and mid-September.

This drop could find support anywhere between the 0.136 and 0.236 Fibonacci levels, which would be approximately $6.80 to $8.62. Once this correction concludes, a massive wave 3 rally is expected, which could trigger a rapid and intense surge across altcoins in the fourth quarter.

According to the Charting Guy, these wave 3 movements usually turn out to be very fast and aggressive, which often creates a frenzy of FOMO among investors. The rallying timeline could easily align with the expected Federal Reserve rate cuts around the fall eclipses, which, for him, is way too far from a mere coincidence.

Critical Levels For Chainlink Continued Bullish MomentumIn a related development, trader TradeDevils, sharing experience from Sensei Wonka, offered a bullish perspective on Chainlink (LINK). Wonka said that he has been buying around the $12.710 region because of the regular scale golden zone. This golden zone got hit precisely at around $8-$9 bucks, a level that he believes would be very critical for its bullish continuation.

He went on to say that that the first thing he wants to see is the reclaiming of the $12.710 level for support and a strong uptrend confirmation. On the other hand, he feels like a fifth wave is missing in completing a double bearish sharp zigzag pattern. Assuming LINK closes this week below $9.394, we could see another test of the golden zone, which was around $8.048.