A crypto strategist with a large following is cautioning that Chainlink (LINK) could be on the brink of a significant correction. The pseudonymous analyst, known as Credible, informed his 394,500 social media followers on X that the native token of the leading decentralized oracle network seems to have reached a mid-cycle peak. Credible believes that after experiencing substantial rallies in recent months, LINK is now due for a deep corrective move. He explains, “I understand that after 10 months of continual growth and a four-fold rally, a pullback lasting two to three months with a 50-60% decline is normal, natural, and healthy. Furthermore, anything deeper than that but above the starting point of the surge is a higher low and technically completely acceptable.” The trader utilizes the Elliott Wave theory, which suggests that a bullish asset typically undergoes a five-wave rise before retracing. Based on the chart provided by the trader, it appears that LINK has completed its five-wave rally and is now set for a correction towards the support level at $7.26. As of writing, LINK is valued at $16.49. Credible also holds a bearish outlook on Polygon (MATIC), an Ethereum (ETH) scaling solution, predicting that the altcoin will drop to the support level at $0.585. “Hello MATIC my old friend, it’s time to short you once again. There is potential for up to 5-8% more upside, but I’m looking for a minimum of 20% downside,” he stated. At the time of writing, MATIC is valued at $0.706.