Chainlink’s price is soaring to a monthly high after a 7% gain today. This boost is due to the excitement around the Ethereum ETF and Chainlink co-hosting the Consensus conference with SWIFT.
Chainlink’s price is climbing, with a 7% surge in the last 24 hours, reaching a monthly high of $18.82 just a few hours ago. After a slight dip, LINK is now at $18.18 with a market cap of $10.6 billion. The altcoin is showing bullish signs as trading volume has increased by 143%, suggesting further potential gains. In this blog, we’ll explore the reasons behind Chainlink’s price boom today.
Reasons Behind Chainlink’s (LINK) Price Surge
Chainlink is among the top 15 cryptocurrencies on CoinmarketCap based on its market capitalization. Recently, the LINK price rose to as high as $21.75 following bullish market conditions in March, showcasing its potential. But what is driving today’s price rally?
There are two main factors. First, Chainlink’s partnership with Swift payments at the Consensys conference in Austin, Texas, this week. This conference, co-hosted by Chainlink and Swift, an international payments platform, will be attended by over 15,000 people from more than 100 countries. The news of this collaboration has led to a bullish reaction from LINK holders.
Additionally, the Chainlink network completed 12 updates for its six services across nine blockchains, including Arbitrum and Ethereum. This progress has further boosted investor confidence.
Most importantly, the bullish rally following the Ethereum ETF approval has increased demand for altcoins, including Chainlink. This approval has also opened the door for other ETFs to enter the market. As Chainlink co-founder Sergey Nazarov stated, “It’s really just the beginning. It is a sign of a very clear trend that not only Bitcoin, not only ETH, but many other tokens out in the world will end up getting their own ETFs at some point, allowing the larger global capital markets to interact with that financial product.”
Chainlink’s Potential for a Significant Price Surge
Chainlink, a prominent player in the crypto industry for six years, has experienced notable fluctuations in its price. During the 2021 bull run, LINK reached its all-time high of $52.88, significantly higher than its current value by 65%.
Analysts now foresee a substantial resurgence in LINK’s price. Michael Van de Poppe, among others, predicts a potential surge of 150% to 300%. According to his analysis, Chainlink has recently surpassed a crucial support level, signaling a bullish trend for the altcoin.
As the cryptocurrency stands at only one-third of its peak value, it remains to be seen how Chainlink’s price will evolve amid expectations of a 300% increase.
⚠️Disclaimer
This content aims to enrich readers with information. Always conduct independent research and use discretionary funds before investing. All buying, selling, and crypto asset investment activities are the responsibility of the reader.