Chainlink (LINK) Is 10.8% Away From 3-Year Peak, Will It Match Up?

by

As a seasoned crypto investor with a knack for spotting trends and understanding market dynamics, I find the recent rally of Chainlink (LINK) quite intriguing. Having weathered the 2017-2018 bull run and the subsequent bear market, I’ve learned to read between the lines when it comes to market movements.

Over the last day, Chainlink (LINK) has experienced a 7.22% rise, pushing its price up to $24.96. Currently, this stands approximately 10.8% shy of the record high it hit back in January 2022.

Chainlink LINK joins other cryptos on rally

Over the last several weeks, the larger cryptocurrency market has seen a significant recovery due to anticipation about potential rule changes in the United States.

Bitcoin (BTC) saw a boost that pushed its price north of the $100,000 mark. Ethereum (ETH), Solana (SOL) and many other altcoins equally registered impressive price gains. Apart from this market surge, Santiment noted that LINK began a late-week rally.

Chainlink has seen a surge in late-week growth, and a further increase of approximately 10.8% would bring it back to its three-year peak reached in January, 2022. It’s heartening that there’s minimal retail excitement around LINK. Historically, markets tend to move contrary to the public’s predictions, so the lack of hype around LINK could potentially signal a positive trend.

— Santiment (@santimentfeed) December 6, 2024

It seems that there’s minimal or no panic among retail investors to jump on the LINK bandwagon, as the market trends contrary to what the crowd had anticipated. Over time, their skepticism could actually contribute to the continued surge in LINK’s price.

A notable price surge for LINK occurred just recently, driven primarily by strong whale trading activity.

The surge in whale activity on the Chainlink network was significantly boosted by a substantial 1,219% increase, which coincided with a swift 31% rise in the value of LINK. This price hike caused the coin to be traded at $25.12, however, as I write this, the LINK price has started to decrease.

Can LINK hit new high?

To reach its projected three-year peak, LINK might require some triggers like increased whale involvement or a surge in other key indicators. As for recent trader interaction with the coin, LINK currently boasts a 24-hour trading volume of $1.71 billion, marking an upswing of 13.64%.

The protocol is additionally showcased in notable collaborations with SWIFT, enhancing its general attractiveness. The positive trajectory hints at the reason investors feel optimistic about the asset’s future prospects and are eager to further invest in the token.

Read More

2024-12-07 15:10