Chainlink (LINK) Price Captures 17% Dominant Altcoin Rally, Next Target Is $25
Oracle service provider chainlink continues a mega rally as it dominates the broader cryptocurrency market. Chainlink (LINK) price is up 17% in the last 24 hours and is currently trading at $17.82 with a market cap of $10.8 billion.
Last week LINK price outperformed all other major altcoins with a 30% increase. This price increase also occurs against the background of the strong accumulation of whales.
Chainlink Dominates Altcoin Rally
In a recent analysis by on-chain data provider Santiment, Chainlink (LINK) emerged as the frontrunner among altcoins thanks to significant on-chain activity.
Santiment’s data shows that previously dormant wallets have come to life, creating the highest Age Consumed increase for Chainlink at 5.38 billion. The Age Consumed measurement is calculated by multiplying the coins moved by the number of days those coins were inactive. LINK’s return to the network’s circulation has played a significant role in the cryptocurrency’s recent price increase.
Kindness: centimeter
Additionally, the analysis reveals that the Chainlink network is experiencing small 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 $25?
On the technical chart, the Chainlink/BTC pair is showing strength and is preparing for a major upward move.
In a recent analysis, crypto analyst Michael van de Poppe identified a significant development for Chainlink ($LINK) in the LINK/BTC trading pair. According to Van de Poppe, the confirmation of a higher low in the LINK/BTC pair is a notable signal.
Kindness: Michael van de Poppe
Van de Poppe also thinks that if Ethereum experiences a surge in momentum, it could lead to a significant breakout for Chainlink in the near future. The analyst predicts a strong price movement potential, with Chainlink expected to reach levels between $25 and $30 in the coming period.
Additionally, Van de Poppe expects a strong rise in the altcoin market in the next 2-3 months. He expects a staggering 50-80% increase, with the altcoin market alone reaching a value of $1.25 trillion. If so, it is clear that Chainlink will make a significant contribution to this.
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Bhushan is a FinTech enthusiast and has a good ability to understand financial markets. His interest in economics and finance draws his attention to the emerging Blockchain Technology and Cryptocurrency markets. He is in a constant learning process and motivates himself by sharing the knowledge he has acquired. In her spare time, she reads thriller novels and sometimes explores her culinary skills.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. Neither the author nor the publication accepts any liability for your personal financial loss.
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