Chainlink (LINK) appears primed for a new major bull run based on surging on-chain activity and bullish analyst predictions. Over the last week, LINK prices have already surged over $11, but analysts say this could just be the beginning if key resistance levels are broken.
Keypoints
- Chainlink (LINK) price has seen huge gains recently, surging this past week to over $11.
- Analysts point to accumulated buying by large investors when LINK was around $7 as fuel for the rally.
- Strong on-chain metrics show surging activity in Chainlink – active addresses, new addresses, transactions have all increased 100%+ in the past week.
- Crypto analyst Johnny predicts a massive bull rally if LINK breaks $9.5 resistance, as it attempts to break out of a 500+ day trading range, similar to its 2022 bull run.
- At the time of writing, LINK was trading above $10, already moving into the bullish zone predicted by the analyst.
- Additional upside catalysts are the upcoming launch of Chainlink Staking v0.2 and continued accumulation ahead of its release.
- If the rally continues, analysts predict targets of $15 in the near term but potentially new all-time highs longer term.
- LINK has seen gains of 35-40% in the past month, indicating growing momentum.
Both on-chain data and trading patterns suggest strong fundamentals that could fuel a rally to new all-time highs. Active addresses on the Chainlink network have doubled in the last week alongside a 190% increase in new addresses. Transactions have also hit peaks of over 12,000 per day, showing surging network usage.
Crypto analyst Johnny (@CryptoGodJohn) notes that LINK is attempting to break out of a 500+ day trading range, similar to what happened in its massive 2022 bull run. He predicts that if LINK can decisively break $9.5 resistance, a new parabolic rally will unfold. With LINK already trading around $10 at the time of this writing, it appears poised to confirm the bullish breakout.
$LINK attempting to break out of a 520+ day range
A #Chainlink breakout here out of this range could lead to massive pump pic.twitter.com/FbFMzSInvd
— Johnny (@CryptoGodJohn) October 21, 2023
Adding fuel to the bullish flames, analysts point to accumulated buying of LINK by major investors when prices were around $7. This provides a solid basis of support. Plus, excitement is building for the upcoming launch of Chainlink Staking v0.2, expected by end of year.
Johnny believes that if the rally triggers, LINK could quickly surge 50-100% from current levels over the short term. Other analysts have set targets as high as $15 in the near term. But the overarching view is that a new bull market is in the making that could retest LINK’s all-time highs.
With fundamentals aligned and technicals pointing to a trend reversal, Chainlink seems ready to stage a major comeback.
Editor-in-Chief of Blockonomi and founder of Kooc Media, A UK-Based Online Media Company. Believer in Open-Source Software, Blockchain Technology & a Free and Fair Internet for all.
His writing has been quoted by Nasdaq, Dow Jones, Investopedia, The New Yorker, Forbes, Techcrunch & More. Contact Oliver@blockonomi.com
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