Altcoins
Chainlink (LINK) Price Climbs 17%, Dominating Altcoin Rally, Next Target $25
Oracle service provider Chainlink continues to experience a mega rally while dominating the broader cryptocurrency market. Chainlink (LINK) price has climbed 17% in the last 24 hours and is currently trading at $17.82 with a market cap of $10.8 billion.
Over the past week, LINK price has outperformed all other major altcoins with gains of 30%. This surge in prices also takes place in a context of high accumulation by whales.
Chainlink Dominates Altcoin Rally
In a recent analysis by on-chain data provider Santiment, Chainlink (LINK) emerged as a favorite among altcoins, propelled by notable on-chain activity.
Santiment data indicates that previously dormant wallets have come back to life, creating the highest peak consumed age for Chainlink, measuring 5.38 billion. The Age Consumed metric is calculated by multiplying the coins moved by the number of days those coins were dormant. This influx of LINK into network circulation has played a significant role in the cryptocurrency’s recent price surge.
Courtesy: Feeling
Additionally, the analysis reveals that the Chainlink network has experienced minor wallet liquidations, a phenomenon often associated with fear, uncertainty, and doubt (FUD). Such liquidations can contribute to increased price volatility and, paradoxically, lead to further price increases as investors seek to take advantage of market opportunities.
LINK Price at $25?
On the technical chart, the Chainlink/BTC pair is showing strength and is ready for a major breakout to the upside.
In a recent analysis, crypto analyst Michael van de Poppe identified a significant development for Chainlink ($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 remarkable signal.
Courtesy: Michael van de Poppe
Van de Poppe further speculates that if Ethereum sees a surge, it could catalyze a substantial breakthrough for Chainlink in the near future. Analyst predicts potential for robust price movement, with Chainlink expected to reach levels between $25 and $30 in the coming period.
Additionally, Van de Poppe also expects a strong recovery in the altcoin market over 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 contribute greatly.