Chainlink Breaks Out, Heading Towards $20
LINK has been showing strength lately, but it’s not following the recent performance of the cryptocurrency market.
On May 24, the token surged 7%, and the price has risen 30% so far in May. The bullish trend has made investors doubt whether LINK can reach $20 or even higher.
Several factors are driving Chainlink’s bullish momentum. Market intelligence firm Santiment highlighted LINK’s positive on-chain metrics. The token has been outperforming the broader market, reaching a six-week high of $17.50.
In addition, Santiment pointed out that LINK has a high ratio of profitable trades to losing trades, indicating strong investor confidence.
Network activity on Chainlink is also increasing. In recent weeks, the number of daily active addresses interacting with the blockchain has increased significantly. There has been a similar increase in development activity, with more developers contributing to the Chainlink network. This increase in activity indicates growing interest and adoption of Chainlink technology.
From a technical perspective
LINK’s price rebounded from a key support level in mid-May and has been rising steadily since then. The token has managed to break out of a bearish triangle pattern, and technical indicators such as the RSI indicate a strong uptrend.
Traders are optimistic about the future of LINK. The token appears poised to retest the $17.50 resistance level, which could become a support level if it breaks through. Some analysts even predict that LINK will surge to $50 or even 100 times, citing strong fundamentals and growing adoption of LINK.
Chainlink is undeniably bullish overall. With a strong technical setup, increasing network activity, and growing recognition of its value proposition, LINK’s recent price increase could be just the beginning of a larger trend.
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