Over the past week, the cryptocurrency market has not particularly had the impressive run that many investors have become accustomed to. However, large altcoins appear to have woken up and ended the week in good shape, with Chainlink prices recovering after falling into a sideways trend.
The price of LINK started the week above $20 again for the first time since March. As altcoins appear to be back on track, the questions on investors’ minds are: What’s next for Chainlink pricing?
Could LINK price return to its three-year high of $28.5?
In a new post on the The prominent on-chain platform highlighted that these are just a few of the good results as altcoins have recovered significant price levels.
According to Santiment, Chainlink’s price is about 10% away from reaching $28.5, the level the cryptocurrency has fallen to by January 2022. The market analysis firm believes that most on-chain signals indicate a recovery to this price level is more likely. In the near future.
Chainlink enjoyed a late-week rally and now needs to rise just +10.8% to match its three-year high from January 2022. It’s encouraging to see that there is very little retail FOMO on LINK. The market moves in the opposite direction of the crowd’s expectations, so the crowd… pic.twitter.com/UuKdmMMXWA
— Santiment (@santimentfeed) December 6, 2024
Santiment noted that traders refrained from getting too excited and instead maintained a cool demeanor. According to on-chain data, there has been very little retail FOMO on LINK price following its recent bull run.
For context, FOMO (fear of missing out) is a sentiment among cryptocurrency traders who often make impulsive investment decisions. As Santiment points out, a surge in crowd FOMO can put downward pressure on prices, leading to sudden corrections.
Moreover, cryptocurrency markets have historically moved in the opposite direction of public expectations. Therefore, low trader sentiment towards Chainlink price could play a pivotal role in the altcoin’s continued rise towards the $28.5 level.
Chainlink pricing at a glance
At the time of this writing, the price of LINK is around $25.5, reflecting an impressive 10% rise over the last 24 hours. The performance of altcoins over the weekly period has been even more impressive, with gains of over 40% over the past seven days, according to CoinGecko.
Source: NewsBTC.com