Chainlink (LINK), a decentralized oracle token and of the most valuable cryptocurrencies globally, is leading the significant gains in the latest altcoin rally with substantial gains. The coin rose in ranks to become the 12th largest globally by market cap while steadily increasing its price feeds on multiple network platforms.
Going All the Way Up
The project that piloted its network of oracles to the crypto business, enabling it to deliver real-world data to the blockchain, crossed the market cap of $15 billion on 6th September for the first time since May 2021. The altcoin rose by over 12% in 24 hours. The market gained billions of dollars in a continuing uptrend in place since early August.
This sudden climb places LINK at a valuation higher than Bitcoin Cash (BCH), Litecoin (LTC), Terra (LUNA), Filecoin (FIL), and Polygon (MATIC), formerly Matic Network, which has been quite a popular project over the last few months. LINK has a market cap of $15.03 billion.
According to Santiment, Chainlink’s market value is up 119% in the past six weeks. The rate of remarkable GitHub submissions from the LINK developers has been undeniably rising fast.
According to the Daily chart, LINK price is showing bullish price sentiments. The altcoin broke the critical resistance level at $30 and moved above the 25-day and 50-day moving averages (MA). If the bulls work beyond the $35.35 level, this will pave the way for the Link price to hit $42.67. This is almost a 24% jump from the range high. However, If the buying pressure rises at this point, the altcoin price will likely hit $50.
LINK is 35% down from its ATH. However, observing the rising momentum, it could post a new ATH before the end of 2021. A famous analyst on Twitter, ImmortalCrypto, believes that Chainlink is all set to breach its immediate resistance against Bitcoin (LINK/BTC) at 0.00065 BTC.
The price of LINK has come a long way since the year began. The coin entered 2021 with a price of almost $11. It reached an all-time high at $52 by mid-May, only to drop back to $13.5 by mid-July. However, it is again rising, currently sitting at $34.17 and still going up.
Attracting Attention and Cash flow alike
Earlier this year, LINK’s growth was caused by high demand among institutional and retail investors alike. Retail investors are, of course, connecting with it on trading platforms, while institutional investors have gained exposure to link via Grayscale’s Chainlink Trust.
Altcoins like XRP, QNT, OMG, and FTT are posting new highs, while Bitcoin’s price is on the verge of breaking $52K.
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