On-chain analyst firm Santiment revealed that the remarkable surge of Chainlink (LINK) in the cryptocurrency market shows no signs of slowing down. As of the latest data, Chainlink has solidified its position as the 12th largest market cap asset in the crypto world and consistently outperforms the rest of the sector. Notably, dormant tokens have started circulating, and wallets holding between 10,000 and 10 million LINK have historically accumulated.
The unstoppable rally of LINK continues to make headlines, with the LINK price surging by another impressive 9% to reach $14.56. It marks a significant milestone as it has surged close to $15 for the first time in 19 months. These remarkable gains have propelled its weekly performance to an astounding 29% and its monthly gains to a staggering 91.20%.
Renowned crypto trader and analyst Rekt Capital took to Twitter to highlight the phenomenal performance of LINK. He pointed out that Chainlink has witnessed an almost 200% increase since it was trading below $5. LINK stands out as one of the top-performing assets in the current market and is breaking beyond the Monthly Macro downturn as it approaches resistance levels from 2020.
Rekt Capital also noted that previous revisits of the Monthly Macro Downtrend resulted in upside wicks. It suggests that a retest of the Macro downturn as support may be necessary to confirm further upward trend continuation, especially if a rejection from the resistance levels occurs in the near future.
Optimism from Grayscale’s Chainlink Trust
One promising indicator for Chainlink’s future is Grayscale’s Chainlink Trust (GLNK). Despite its relatively modest $3.9 million in assets under management, GLNK is trading at a 320% premium compared to the proportional underlying LINK holdings held by the fund. This premium indicates robust buying demand and showcases an optimistic perspective for Chainlink.
Adding fuel to Chainlink’s impressive gains is its recent listing on the HashKey exchange, a licensed trading platform catering to professional investors in Hong Kong. Although the exchange was launched in August 2023, it is affiliated with the same group behind HashKey Capital, a prominent digital asset venture investment firm founded in 2015. However, Chainlink’s remarkable performance and growing adoption indicate a bright future for cryptocurrency in the ever-evolving world of digital assets.
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