The Chainlink (LINK) network has grown into a major cross-chain platform facilitating over $10 trillion in transactions.
The altcoin market has built a solid support level above $1 trillion over the past five weeks. With demand for Bitcoin (BTC) rising from institutional investors due to spot BTC ETFs in Hong Kong and the United States, the altcoin market is poised to cause a stir. Moreover, altcoin market capitalization will be less than $700 billion before hitting all-time highs in the next quarter.
As Coinspeaker reported, cryptocurrency investors have been accumulating aggressively over the past few weeks ahead of the anticipated alt season. Moreover, cryptocurrency venture capital firms have raised more than $2 billion in the past two months during Bitcoin’s fourth halving event.
Chainlink (LINK) Price Eyes ATH
On the daily time frame against the US dollar, Chainlink (LINK) price has established a strong support level around $13. The mid-cap altcoin, which has a fully diluted value of about $15 billion, has risen nearly 9% over the past six days to trade at around $14.50 in early New York trading on Monday.
With LINK price successfully rebounding from its 50-week moving average (MA), renowned cryptocurrency analyst Michaël van de Poppe believes that now is the best time to buy the instrument. The cryptocurrency analyst supported his theory with the fact that the LINK/BTC pair has been retesting multi-year lows.
#Chainlink Retest at a lower frequency.
That’s not the time you want to start selling positions. pic.twitter.com/ATeqM8QbCB
— Michael van de Poppe (@CryptoMichNL) May 6, 2024
Additionally, LINK price has been in a macro upward trend since the bullish breakout in October 2023. According to Elliott wave principle, LINK price is in the early stage of the third wave. As a result, if the bullish momentum continues, LINK price could retest its all-time high (ATH) in the coming months.
Meanwhile, it would be prudent to wait for several bullish LINK signals in the coming weeks, including a consistent close above the resistance/support level around $17. Additionally, LINK price may decline further towards the support range between $10 and $11 to gain further bullish momentum.
Key reasons to pay close attention to this upcycle connection
The cryptocurrency industry has grown into highly advanced individual blockchains. As a result, Chainlink developers have been working to implement a secure and scalable multi-chain platform through the Cross-Chain Interoperability Protocol (CCIP). Currently, Chainlink’s CCIP supports top blockchains including Ethereum, BSC, Base, Polygon, and Avalanche (AVAX).
The Chainlink network also provides trusted oracle data to web3 and smart contract developers. Chainlink price feeds are used by top web3 projects such as decentralized exchanges and lending protocols.
Remarkably, the Chainlink network has facilitated the trading of over $10 trillion in assets through price feeds since its inception.
With the Web3 protocol and digital assets gaining mainstream adoption, it is safe to assume that LINK price will rise exponentially in the coming months.
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