Chainlink (LINK) to Hit a New All-Time High Soon, Analyst Calls
Chainlink (LINK), a project that joined the crypto market relatively late, is on an expansion again, promising to break its all-time record.
LINK Rally Conquers $3 Key Level with Chance for New Records
LINK, one of the most active altcoins that has even defied the bear market, is on a fast expansion once again. The asset has been known for its rapid, significant appreciation boosted by activity on Binance and a strong community. LINK remains volatile, sinking from its highs by as much as 60%, but expansions are dramatic.
This time, while an altcoin season is not a promise, most assets regain some of their value. This translates into significant earning opportunities as altcoins move very fast. What is even more curious, LINK made most of its gains during the bear market of 2019, and has repeated price peaks in the past year.
There is virtually little to no resistance between here and the ATH for $LINK
We should see new ATH's & price discovery next few months – this alt rebound I'm confident will continue with $BTC halving looming in the background and the bull market cycle progressing forward … https://t.co/EvECsnOR4e
— Satoshi Flipper (@SatoshiFlipper) February 7, 2020
Now, LINK will enjoy what looks like another bullish cycle on the overall market. LINK is on track to repeat its previous price record at $3.92, and may be on track to regain the 36,000 Satoshi peak from the summer of 2019. Volumes are still far from breaking a record, but remain promising at above $300 million per day, significant activity for an altcoin.
This time, Bitforex is taking the lead on Binance, establishing a large-scale LINK market. Since LINK trades at a slight premium on Bitforex, the exchange is giving the rally a special boost. LINK is also highly liquid on Binance, as well as Coinbase Pro, as revealed by CoinMarketCap statistics.
LINK has also managed to reconquer the $3 level in one go, not stopping for a breather. The move created more enthusiasm and remarks of an overall move for altcoins.
— Blockchain Barrister⚡️🇬🇧 (@blockbarrister) February 7, 2020
High Liquidity, Active Partnerships Boost Appeal
Beyond the short-term rapid gains, LINK would be unique as it would set new price records. For other altcoins, despite the recent gains, they are still underwater in comparison to the peak prices in December 2017. But newer projects with recent activity surpassed the older generation of coins, which boomed in 2017.
LINK also has the makings of an “elite” altcoin with significant liquidity inflows from the Bitcoin (BTC) market. Those altcoins react faster and trade much more actively in comparison to overhyped but forgotten assets. The ChainLink project is also riding some of the most active trends on the Ethereum network. Recently, the project started connecting oracle information for the DeFi sector and smart contracts.
The #DeFi ecosystem now has access to the largest collection of on-chain market data for #Ethereum! Access 25+ price references secured by Chainlink decentralized oracle networks from the DeFi Price Reference Data page https://t.co/zW82JOZgFB. Read more: https://t.co/0WHkd6FPhW
— Chainlink – Official Channel (@chainlink) January 30, 2020
The approach of ChainLink provides oracle data for multiple startups based on the Ethereum distributed ledger. Recently, ChainLink partnered with the ICON (ICX) project, providing oracle information for its innovative finance apps.
What do you think about the LINK rally? Share your thoughts in the comments section below!
Images via Shutterstock, Twitter @chainlink @blockbarrister @SatoshiFlipper