Chainlink (LINK) Poised for Major Bull Run with Surging On-Chain Activity
The price of Chainlink (LINK) has experienced significant gains recently, surging to over $11 in the past week. Analysts believe that this rally could just be the beginning if key resistance levels are broken. One factor driving this surge is the accumulated buying by large investors when LINK was priced around $7.
Strong On-Chain Metrics Indicate Growing Momentum
The on-chain metrics for Chainlink show a surge in activity, with active addresses, new addresses, and transactions all increasing by over 100% in the past week. This indicates strong fundamentals that could fuel a rally to new all-time highs.
Analyst Predicts Massive Bull Rally if Resistance is Broken
Crypto analyst Johnny predicts a massive bull rally for LINK if it can break through the $9.5 resistance level. He compares this potential breakout to the 500+ day trading range that led to Chainlink’s previous bull run in 2022. At the time of writing, LINK was already trading above $10, confirming the bullish zone predicted by Johnny.
$LINK attempting to break out of a 520+ day range
A #Chainlink breakout here out of this range could lead to massive pump pic.twitter.com/FbFMzSInvd
— Johnny (@CryptoGodJohn) October 21, 2023
Accumulated Buying and Upcoming Launches Add to the Bullish Sentiment
Major investors have been accumulating LINK when prices were around $7, providing a strong support level. Additionally, the upcoming launch of Chainlink Staking v0.2 is generating excitement and further fueling the bullish sentiment.
Predictions and Outlook for Chainlink
If the rally continues, analysts predict short-term targets of $15, with the potential for new all-time highs in the longer term. LINK has already seen gains of 35-40% in the past month, indicating growing momentum.
Hot Take: Chainlink Positioned for a Major Comeback
With strong fundamentals, surging on-chain activity, and technical indicators pointing towards a trend reversal, Chainlink appears ready to stage a major comeback. The recent price surge and positive analyst predictions suggest that LINK could be on the cusp of a new major bull run.
By
By
By
By
By
By