By
Bena Ilyas
May 17th, 2024
The Chainlink (LINK) network has grown to a major cross-chain platform that has facilitated more than $10 trillion in transactions.
The altcoin market has established a solid support level above $1 trillion in the past five weeks. Amid the heightened demand for Bitcoin (BTC) by institutional investors, due to the Hong Kong and US-based spot BTC ETFs, the altcoin market is well primed for a huge uproar. Furthermore, the altcoin market capitalization is less than $700 billion from reaching a new all-time high in the coming quarters.
As Coinspeaker reported, crypto investors have been aggressively accumulating in the past few weeks ahead of the anticipated altseason. Moreover, crypto venture capital firms raised more than $2 billion in the past two months, amid the Bitcoin fourth halving event.
Chainlink (LINK) Price Eyes ATH
In the daily time frame against the US dollar, Chainlink (LINK) price has established a robust support level of around $13. The mid-cap altcoin, with a fully diluted valuation of about $15 billion, has gained nearly 9 percent in the past six days to trade around $14.5 on Monday during the early New York session.
With LINK price having successfully rebounded on the 50 weekly Moving Average (MA), renowned crypto analyst Michaël van de Poppe believes now is the best time to long the instrument. The crypto analyst supported his theory with the fact that the LINK/BTC pair has been retesting a multi-year low severally.
#Chainlink does a retest at cycle low.
That's not when you want to start selling your positions. pic.twitter.com/ATeqM8QbCB
— Michaël van de Poppe (@CryptoMichNL) May 6, 2024
Additionally, LINK price has been on a macro-rising trend since the bullish breakout in October 2023. From an Elliott wave principle, the LINK price is in the early stages of the third wave. As a result, LINK price will retest the all-time high (ATH) in the coming months, if the bullish momentum continues.
Meanwhile, it is prudent to wait for several bullish LINK signals including a consistent close above the resistance/support level of around $17 in the coming weeks. Furthermore, the LINK price could drop further towards the support range between $10 and $11 to obtain more bullish momentum.
Top Reasons to Pay Close Attention to LINK This Bull Cycle
The cryptocurrency industry has grown to highly developed individual blockchains. As a result, the Chainlink developers have been working on enabling a safe, secure, and scalable multi-chain platform via its cross-chain interoperability protocol (CCIP). Currently, Chainlink’s CCIP supports top-tier blockchains including Ethereum, BSC, Base, Polygon, and Avalanche (AVAX), among others.
The Chainlink network also provides reliable Oracle data to web3 and smart contract developers. Chainlink price feeds are used by top-tier web3 projects like decentralized exchanges, and lending protocols, among others.
Remarkably, the Chainlink network has facilitated more than $10 trillion in asset transactions through its price feeds since inception.
Amid the mainstream adoption of Web3 protocols and digital assets, it is safe to assume LINK price will rally exponentially in the coming months.