Highlights
- Chainlink dormat whales have come to life with strong accumulation over the last week.
- The LINK/BTC pair is showing strength and poised for a major breakout upwards.
- Analyst Michael van de Poppe expects the LINK price to rally to $25-$30.
Oracle service provider Chainlink continues to be on a mega rally while dominating the broader cryptocurrency market. The Chainlink (LINK) price has shot up by 17% in the last 24 hours and is currently trading at $17.82 with a market cap of $10,8 billion.
Over the last week, the LINK price has outperformed every other major altcoin with 30% gains. This price surge also comes on the backdrop of a strong accumulation by the whales.
Chainlink Dominates the Altcoin Rally
In a recent analysis by on-chain data provider Santiment, Chainlink (LINK) has emerged as a frontrunner among altcoins, propelled by notable on-chain activities.
Santiment’s data indicates that previously dormant wallets have come to life, creating the highest Age Consumed spike for Chainlink, measuring at 5.38 billion. The Age Consumed metric is calculated by multiplying the coins moved by the number of days those coins had been dormant. This influx of LINK back into the network’s circulation has played a significant role in the recent price surge of the cryptocurrency.
Moreover, the analysis reveals that the Chainlink network experienced minor liquidations of wallets, a phenomenon often associated with Fear, Uncertainty, and Doubt (FUD). Such liquidations can contribute to increased price volatility and, paradoxically, may lead to further price rises as investors seek to capitalize on market opportunities.
Recommended Articles
LINK Price to $25?
On the technical chart, the Chainlink/BTC pair is showing strength and poised for a major breakout upwards.
In a recent analysis, crypto analyst Michael van de Poppe has identified a significant development for Chainlink ($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 noteworthy signal.
Van de Poppe further speculates that if Ethereum experiences a surge in momentum, it could catalyze a substantial breakout for Chainlink in the near future. The analyst predicts the potential for a robust price movement, with Chainlink expected to reach levels between $25 and $30 in the coming period.
Moreover, Van de Poppe also expects a strong altcoin market rally coming in 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 be a major contributor to this.
- Bitcoin Runes Sees Slowdown in Activity After Initial Surge
- Bitcoin Trading Slows as On-Chain Activity Nears Historic Lows
- Cardano Founder Charles Hoskinson Reveals Why Crypto Matters In Choosing Next US President
- Analysts Urge Bitcoin, Gold & Silver Buy as Elon Musk Critiques FED’s Money Printing
- Charles Hoskinson Criticizes “Incompetent” WEF Contributor Stance on Bitcoin
- Top 4 Crypto To Sell To Avoid Being A Poor Crypto Investor
- Dogecoin Price Prediction: Can Recent Whale Movement Push Value to $0.3?
- XRP Price Analysis As SEC Legal Battle Looms: Will $0.5 Support Hold Firm?
- Toncoin Price Forecast: Is $TON Recovery Heading to $10 in May?
- Can These 3 Altcoins To Buy In May Make You Rich In 2024