Altcoin
Chainlink 45% Surge Comes Without Retail FOMO, LINK Price Rally to Continue?
Chainlink has emerged as one of the top-performing altcoins with 45% gains on the weekly chart. The LINK price surged all the way to $26.7 levels for the first time since January 2022, after giving a crucial breakout above $20. On-chain data shows that the current surge comes without any retail frenzy which is a positive indicator for a sustained rally ahead.
Chainlink Approaches 3-Year High With Minimal Retail FOMO
In the last 24 hours, the Chainlink price surged by another 12% hitting a three-year high all the way to $26.3 level. The daily trading volume for LINK has also surged 17% to $1.72 billion while the open interest has surged 12.32% moving to $739 million.
Chainlink (LINK) has experienced a notable late-week rally, positioning itself just 10.8% below its three-year high from January 2022. According to the on-chain analytics platform Santiment, the lack of significant retail frenzy around LINK’s recent price movement is a positive indicator for sustained growth.
Historically, markets tend to move contrary to popular sentiment, and the current skepticism among retail investors could act as a catalyst for further gains, noted Santiment.
Chainlink co-founder Sergey Nazarov expressed optimism about the expanding use of the blockchain’s services in traditional finance (TradFi) and capital markets. Speaking about the network’s progress, Nazarov remarked: “I see this long list of initial capital markets users and early adopters of multiple Chainlink services as just the beginning.”
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:
“Whether you’re an asset manager, custodian bank, central bank, financial market infrastructure or various other traditional financial system participant, the Chainlink standard gets you transacting across multiple chains quickly, securely and in a compliant manner. There is no other standard that currently does that”.
LINK Price Rally By 500% Ahead
The recent LINK price rally comes on the backdrop of a notable LINK whale activity with a big investor scooping $46 million worth of coins. Despite the current run-up, the LINK price is still trading at a 50% discount from its all-time high of $50. Notably, it also highlights the growing investors’ confidence in the top altcoins alongside BTC.
However, crypto market analysts continue to predict a staggering 500% LINK price rally giving a massive target of $200 ahead. Chainlink’s price has surged past a critical resistance level at $22.80, marking three consecutive weeks of gains. On the weekly chart, LINK remains above its 50-week and 200-week Exponential Moving Averages, signaling strong bullish momentum.
Bhushan Akolkar
Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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