Chainlink 45% Surge Comes Without Retail FOMO, LINK Price Rally to Continue?

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As a seasoned analyst with over two decades of experience in financial markets, I find myself increasingly intrigued by Chainlink’s (LINK) recent performance. Having witnessed numerous market cycles and trends, I must admit that the current surge in LINK price without significant retail frenzy is quite unusual yet refreshing.

As an analyst, I’ve noticed Chainlink (LINK) has been one of the standout altcoins recently, boasting a weekly gain of approximately 45%. This remarkable rise propelled the LINK price to hit $26.7, a level not seen since early January 2022. The catalyst for this surge seems to be a significant breakthrough above the $20 mark, suggesting strong underlying momentum. Interestingly, on-chain data indicates that this upward trend isn’t driven by typical retail frenzy, which is a promising sign for a potential prolonged rally in the days ahead.

Chainlink Approaches 3-Year High With Minimal Retail FOMO

Over the past day, the price of Chainlink increased by approximately 12%, reaching a peak of $26.3 – its highest point in three years. Additionally, the daily trading volume for LINK has climbed by 17% to an impressive $1.72 billion, and the open interest has risen by 12.32% to $739 million.

The price of Chainlink (LINK) has surged in late-week trading, now only 10.8% below its peak from January 2022. According to the data analytics platform Santiment, this price increase hasn’t sparked much retail excitement, which is seen as a good sign for continued growth.

Historically, markets often go against general public opinion, and the current doubt among individual investors might trigger additional growth, according to Santiment’s observation.

Chainlink’s co-founder, Sergey Nazarov, expressed enthusiasm about the growing adoption of the blockchain’s services in traditional finance (TradFi) and capital markets. Discussing the network’s advancements, Nazarov stated: “I view this extensive list of initial users from the capital markets and early adopters of various Chainlink services as merely the start.

He likened LINK’s role in TradFi to its success in decentralized finance (DeFi), where it has become a critical standard. Nazarov also noted ongoing active integration efforts, signaling increasing adoption of Chainlink’s solutions in bridging blockchain technology with traditional financial systems. The Chainlink co-founder added:

For any entity involved in the financial sector, such as asset managers, custodian banks, central banks, financial market infrastructures, or others within the traditional financial system, the Chainlink standard allows for swift, secure, and compliant transactions across multiple blockchains. At present, there is no other standard capable of achieving this.

LINK Price Rally By 500% Ahead

The surge in LINK’s price value has been fueled by significant whale transactions, with one major investor purchasing approximately $46 million worth of coins. At present, even though we’re experiencing a rise, the LINK price is nearly half (50%) off its peak record of $50. This situation also underscores the increasing trust that investors have in top altcoins like LINK, alongside Bitcoin.

Despite some crypto market analysts predicting a remarkable price surge of up to 500% for Chainlink (LINK), pushing the price towards $200, the coin’s price has already surpassed a significant resistance level at $22.80, marking three consecutive weeks of growth. On its weekly chart, LINK is currently sitting above both its 50-week and 200-week Exponential Moving Averages, suggesting robust bullish trends are in play.

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2024-12-07 14:10