Chainlink (LINK) has emerged as a standout performer, exhibiting remarkable strength and resilience over the past week. The leading Oracle network on the blockchain has not only outpaced the broader market but has also solidified its dominance among altcoins.
As of the latest data, Chainlink is currently trading at $17.98, boasting a 24-hour trading volume of $3.31 billion and a market capitalization of $10.21 billion. Over the past 24 hours, LINK has witnessed a significant surge, marking a 13.96% increase and an impressive 28% rise in the weekly chart.
Chainlink’s Dormant Wallets Spark 5.38 Billion
The surge in Chainlink’s price has been attributed to a notable event identified by Santiment, a prominent cryptocurrency analytics platform. Dormant wallets, which had been inactive for a considerable period, suddenly came to life, creating the highest Age Consumed spike of 5.38 billion (calculated by multiplying coins moved by the number of days those coins had been dormant).
This influx of LINK back into circulation is believed to have played a pivotal role in the recent price jump. Analysts are closely monitoring two key metrics in the coming weeks to gauge LINK’s potential for a sustained rebound.
The first metric involves tracking the movements of previously dormant wallets and their impact on the overall network’s circulation. The second metric involves monitoring any signs of FUD (Fear, Uncertainty, Doubt) that may lead to wallet liquidations, potentially contributing to further price rises.
ChainLink Aims for $20 Resistance, Eyes $25-$30 Range
Renowned crypto analyst Ali Martinez sees a bullish future for Chainlink, noting that the cryptocurrency appears poised for further gains. On-chain analytics highlight a significant resistance level at $20, where 5,330 addresses collectively hold approximately 8.59 million LINK. This suggests that reaching and surpassing this level could trigger a substantial uptrend.
Adding to the positive sentiment, crypto analyst Michaël van de Poppe shares an optimistic outlook on LINK’s price trajectory. Confirming a higher low for LINK, he emphasizes the potential for a massive breakout if Ethereum gains momentum.
Van de Poppe predicts that Chainlink could rally to the $25-30 range in the coming period, indicating an impressive upward momentum for the altcoin. While maintaining a cautious stance on Bitcoin’s consolidation, Van de Poppe anticipates a period of altcoins picking up momentum, with Chainlink positioned as a notable player in this upward trend.
However, as the cryptocurrency market continues to evolve, Chainlink’s recent surge suggests that it is well-positioned to defy broader market trends and chart its own course in the weeks to come.
Related Reading | Bitcoin ETFs Thrive: ARKB Tops Charts, GBTC Stumbles