- LINK’s Recent Rally: Surged over 20% in 24 hours, with monthly gains of 84.5%.
- Driving Factors: Rumored BlackRock partnership and broader crypto market resurgence.
- Price Predictions: Analysts expect LINK to hit $66.77 by February 2024 and potentially exceed $100 long-term.
Chainlink (LINK) has emerged as one of the top-performing cryptocurrencies in the past 24 hours. The asset’s price surged over 20%, outpacing Bitcoin’s (BTC) 3.6% and Ethereum’s (ETH) 7.1% gains within the same timeframe.
On the weekly chart, LINK rose by 12.9%, while it soared 48.4% over the past 14 days and an impressive 84.5% over the last month. Since December 2023, LINK has gained 79.3%, signaling sustained investor interest. The asset now sits less than 50% below its all-time high of $52.70, reached in May 2021.
The surge in LINK’s price can be attributed to several factors. First, the broader cryptocurrency market is rebounding, with Bitcoin reclaiming the $101,000 level. Such milestones often drive increased investor confidence across altcoins.
Additionally, speculation about a potential partnership between Chainlink and BlackRock is fueling optimism. Reports of meetings between representatives from both entities at Abu Dhabi Finance Week have sparked rumors of collaboration. Although unconfirmed, such a partnership could significantly bolster LINK’s ecosystem and institutional adoption.
Can Chainlink Hit $50 or Beyond?
At its current trajectory, analysts see significant upside potential for Chainlink. CoinCodex predicts that LINK could hit a new all-time high of $66.77 by February 2024. This would mark a 138.98% increase from its present levels.
Further optimism stems from expectations of a pro-crypto market environment under U.S. President Donald Trump. His administration has introduced a White House crypto czar and a new SEC chair favoring digital assets. Analysts suggest such policies could extend the bull market, possibly pushing LINK beyond $100.
Metrics bolster these predictions. LINK’s current trading volume has skyrocketed, reflecting increased retail and institutional participation. Meanwhile, its market cap has surged past $11 billion, solidifying its place in the top-performing assets.