While Bitcoin price is on the verge to break $52K, the rest of the crypto market also experienced a similar bullish price burst. Altcoins like XRP, QNT, OMG, and FTT are posting new highs.
With altcoins rallying hard, we can see that Ethereum killers and oracle projects have started to surge. Popular altcoin Chainlink (LINK) led the big gains on Monday morning.
LINK Price hit $34.84 with more than a 15% surge. The altcoin flipped Litecoin’s market cap reaching $15 Billion. Chainlink is now ranked at 12th position on the coinmarketcap and is only $3 billion short of flipping Uniswap to take the 11th spot.
As per the reports of Santiment, Chainlink’s market value is up 119% in the past six weeks, also the rate of notable GitHub submissions from the LINK developers has been undeniably rising rapidly over time,” Santiment highlighted.
Will LINK Price Hit ATH this Month?
As per the Daily chart, LINK price is showing bullish price sentiments. The altcoin broke the key resistance level at $30 and also moved above the 25-day and 50-day moving averages (MA).
At Present, if the bulls manage to break through the $35.35 level, this will pave the way for the Link price to hit $42.67. This is nearly a 24% surge from the range high. However, If the buying pressure increases at this point, the altcoin price will likely hit $50.
The altcoin is currently 35% down from its ATH, but looking at the rising momentum, it could very well post a new ATH by the end of the year.
Popular Analyst, with Twitter, handle InmortalCrypto has predicted that Chainlink was all set to breach its immediate resistance against Bitcoin (LINK/BTC) at 0.00065 BTC.
According to the InmortalCrypto:
The plan is simple, Wait for a clear break above KEY level + 200MA (moving average) to confirm that deviation, then buy/long on a retest, targeting those equal highs at 0.001 BTC ($50). High probability 3R setup.”
Top Catalyst That Fueled LINK Price!
Chainlink Price Feeds Now Available on Optimistic Ethereum: The feeds will be native to Optimistic Ethereum, providing developers with low-cost price updates in real-time. With this update, developers can now build secure DeFi apps using Chainlink Price Feeds With time-tested decentralized oracle networks. The platform aims to provide the same data quality and reliability as on the Ethereum base layer, but at a lower cost and with more frequent updates.
Secondly, Bored Ape Yacht Club initiated an adoption with Chainlink’s Verifiable Random Function (VRF) to provide airdrops on the platform. This integration could lead to the increased interest of investors.