Chainlink Rejuvenation Underway! Link Price Set For New ATH!

Chainlink Rejuvenation Underway! Link Price Set For New ATH!

Chainlink vastly unveils the competence of smart contracts by facilitating access to real-world data and off-chain data processing. The innovative project has been creating a lot of media buzz across the crypto space with groundbreaking upgrades and partnerships. 

The Link price accelerated by 2.16% round-the-clock to catch up with the pace of Bitcoin. While the entire market cap undergoes a crucial correction, the altcoin prepares to outperform market leaders Bitcoin and Ethereum. 

Chainlink continued to manage its uptrend since July. The digital coin has entered an absolute discovery phase after breaking the uptrend channel. The latest spike in its price momentum has created enough among lots of traders. Santiment, a crypto metric platform shared exciting on-chain data related to the altcoin. The chart recalls the altcoin’s latest record of six months high of $32.65. 

The Chart further highlights that the traders who have been holding the token for the long term are gaining colossal dividends with the latest price spike. However, an increase in bullish sentiments around the coin directed a huge chunk of traders to accumulate the digital coin. Notably, network addresses holding 100 to 10,000 LINK token now owns a total of 6.13% of the total supply. Certainly, an increase in the purchase rate could uplift the price momentum to new ATH. 

Chainlink’s price has been trading at $32.32 with 1.36% profits in the intraday time frame. The pattern shown indicates the potential break out of the converging rising wedge channel. The altcoin is floating around a crucial resistance level of around $32. The breakout from this level could uplift the price momentum to an immediate high of  $36. If a massive sell-off takes place then the price could settle down between $28 to $30 support levels. The price could further dip to the major support of $24 if it fails to hold the above resistance. 

Also Read : MATIC Price Eyes A 60% Upswing! Will This Surge Uplift The Price To $3? 

RSI factor is sliding around the overbought territory, a decent sell-off could occur in the next few hours. If buyers start to outpower sellers after consolidation, then significant gains are expected. 

On the other hand, Benjamin Cowen, a popular crypto analyst in his video said that the LINK price has the potential to outperform Bitcoin and Ethereum. His analysis highlighted the short-term price target to soar beyond $50. Meanwhile, he anticipates altcoin to hit $100 by the end of 2022. 

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