Oracle service provider Chainlink continues to be on a mega rally while dominating the broader cryptocurrency market. The Chainlink (LINK) price has shot up by 17% in the last 24 hours and is currently trading at $17.82 with a market cap of $10,8 billion.
Over the last week, the LINK price has outperformed every other major altcoin with 30% gains. This price surge also comes on the backdrop of a strong accumulation by the whales.
Chainlink Dominates the Altcoin Rally
In a recent analysis by on-chain data provider Santiment, Chainlink (LINK) has emerged as a frontrunner among altcoins, propelled by notable on-chain activities.
Santiment’s data indicates that previously dormant wallets have come to life, creating the highest Age Consumed spike for Chainlink, measuring at 5.38 billion. The Age Consumed metric is calculated by multiplying the coins moved by the number of days those coins had been dormant. This influx of LINK back into the network’s circulation has played a significant role in the recent price surge of the cryptocurrency.
Courtesy: Santiment
Moreover, the analysis reveals that the Chainlink network experienced minor liquidations of wallets, a phenomenon often associated with Fear, Uncertainty, and Doubt (FUD). Such liquidations can contribute to increased price volatility and, paradoxically, may lead to further price rises as investors seek to capitalize on market opportunities.
LINK Price to $25?
On the technical chart, the Chainlink/BTC pair is showing strength and poised for a major breakout upwards.
In a recent analysis, crypto analyst Michael van de Poppe has identified a significant development for Chainlink ($LINK) in the LINK/BTC trading pair. According to Van de Poppe, the confirmation of a higher low on the LINK/BTC pair is a noteworthy signal.
Courtesy: Michael van de Poppe
Van de Poppe further speculates that if Ethereum experiences a surge in momentum, it could catalyze a substantial breakout for Chainlink in the near future. The analyst predicts the potential for a robust price movement, with Chainlink expected to reach levels between $25 and $30 in the coming period.
Moreover, Van de Poppe also expects a strong altcoin market rally coming in the next 2-3 months. He expects a staggering 50-80% rise with the altcoin market alone reaching a valuation of $1.25 trillion. If so, Chainlink would obviously be a major contributor to this.
Read the full article here