Chainlink (LINK) has witnessed an extraordinary 17% spike in its price within a 24-hour period. This substantial surge has placed LINK at the forefront of the ongoing bullish rally among altcoins. Notably, during this period, the altcoin successfully broke through the $8 resistance barrier, signaling a potential shift in its market dynamics.
While the surge in price is certainly attention-grabbing, it is equally important to examine other growth metrics that accompany this rally. Notably, the impressive 780% jump in the 24-hour trading volume further emphasizes the surge in market activity and interest in Chainlink.
Analyzing the interplay of various market indicators, such as price movements and trading volume, enables a deeper understanding of the underlying factors driving the current market sentiment.
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In a bid to gain deeper insights, Finbold engaged the crypto community on CoinMarketCap on July 21. This community, known for utilizing the platform’s price estimates feature, boasts an impressive historical accuracy of 95% when predicting the price of LINK over the past six months.
Drawing from nearly 1,400 votes cast by the discerning community members, their collective prediction for the end of July points to LINK trading at a value of $7.04. This projection implies a noteworthy decrease of over $1 from the current price of the digital asset.
Interestingly, the most recent price estimate for the end of June had a commendable accuracy rating of 88%.
LINK price dynamics
Chainlink’s strategic expansion efforts via the Chainlink BUILD program have proven instrumental in fostering its ecosystem. The current price rally has propelled LINK towards a significant breakthrough, targeting its most resistant price points at $10.
Presently, LINK is trading at $8.12, marking a remarkable surge of over 14% in a single day. Its immediate challenge lies in overcoming the nearest resistance level at $8.78, as this DeFi asset strives to secure a spot among the top 20 cryptocurrencies by market capitalization.
Excitingly, a renowned crypto trading expert Michaël van de Poppe, has emphasized that LINK has now entered a bull market phase. Such a bullish trend could potentially pave the way for LINK to expand further, possibly reaching the impressive price range of $16, according to the expert’s chart analysis.
Notably, behavior analysis platform Santiment notes FOMO could be the only obstacle holding it from $10.
Given that developers of the new Cross-Chain Interoperable Protocol (CCIP) have revealed their ambitions for the protocol, a significant update to the network that is working toward the goal of integrating conventional financial institutions with the blockchain a break above $10 may not seem so outlandish in the near term.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
