- Chainlink (LINK) Soars 36% hits yearly high of $26.44, driven by 133% monthly gains and 950% surge in trading volume.
- A whale bought 269,861 LINK tokens ($6.68 million), fueling the recent surge.
- Analyst targets $38, $59, and $102 for LINK, reflecting strong upward momentum in the current market.
Chainlink (LINK) has made a significant move in the crypto market, surging by 36% over the past 24 hours and reaching a yearly high of $26.44. This impressive rally comes amidst the ongoing Altseason, where alternative cryptocurrencies are gaining momentum as Bitcoin hovers near the $96K mark. Chainlink’s surge is further highlighted by its remarkable monthly gains of 133% and a staggering 950% increase in trading volume, marking a key turning point for the asset in the current market climate.
At the time of writing, Chainlink is trading at $25.89, with a 24-hour trading volume of $9.25 billion and a market capitalization of $16.23 billion. Its market dominance stands at 0.47%, reflecting its rising influence in the broader crypto market. The price surge of 28.13% within the last 24 hours has fueled the bullish sentiment surrounding LINK, pushing it further into the spotlight.
Whale Activity Drives the Surge
A major factor behind LINK’s latest price action is the involvement of a significant whale transaction. According to data from Lookonchain, a whale purchased 269,861 LINK tokens, worth approximately $6.68 million, in the past 12 hours. Of this, $2.6 million was spent to acquire 107,838 LINK at an average price of $24.10 on decentralized exchanges (DEX), while another $4.08 million worth of LINK (162,024 tokens) was withdrawn from Binance.
This whale activity has undoubtedly fueled the momentum behind Chainlink’s price movement, with larger players continuing to demonstrate strong interest in the asset. Such transactions are often a sign of market confidence, suggesting that LINK could be poised for even more growth.
Chainlink Price Could Surge to $102 as Market Interest Grows
Crypto enthusiasts are excited about the potential for Chainlink’s price to continue its bullish trajectory. Analyst CryptoBullet has expressed optimism, suggesting that the recent breakout in price and the bullish relative strength index (RSI) indicate a strong upward movement in the near future.
Crypto Bullet unveiled ambitious price targets for LINK to suggest that the asset has bright perspectives of continued significant rallies. The first resistance lies at $38, while the other two major targets lie at $59 and $102. Achieving these levels could mean that the LINK token would soar higher and get more investors’ attention looking for some altcoin action as dominance in Bitcoin’s case is steadily kept under check.
Chainlink’s rise comes at a time when the broader crypto market is seeing revived interest. Following Bitcoin’s recent rally, investors have increasingly looked at altcoins that have the potential for strong gains. Chainlink, with its strong performance and a unique position in the decentralized oracle space, stands as a strong contender in this ongoing Altseason.
While the market waits with bated breath for Bitcoin’s next move, attention has now shifted to Chainlink, which may finally be in a position to continue to capitalize on current bullish sentiment. On the back of increased whale activity, growing investor interest, and positive price action, LINK could be gearing up for an even bigger run in the months ahead.
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