After consolidating above $20 for a prolonged period of time, Chainlink has finally managed to breach the $30-price level, checking off another valuation target for the year 2021. In fact, in the year 2021 alone, Chainlink has surged by close to 172%, with the crypto recording YTD returns of 132%, at press time.
In the last six hours alone, LINK climbed by over 8% on the price charts.
Source: LINK/USD on TradingView
LINK first gained significant traction in mid-2020, with the crypto-asset becoming one of the cryptos leading the altcoin season soon after.
Chainlink breached massive bullish pattern before $30-breach
Interestingly, the writing was already on the wall since Chainlink’s price only recently successfully breached an ascending channel on the price charts. In fact, the resistance just above $26 was tested four times before the eventual rally to $30, with the pattern briefly broken in the previous instance as well.
At the time of writing, market indicators were bullish for LINK. However, a possible correction may also take place, pulling the crypto’s value down to the support at $24.
Development activity spike for LINK
One of the major advantages of supporting Chainlink’s hike is the consistent development from a technological perspective. Just a few days back, Kraken integrated a Chainlink node to bring spot price data to DeFi. Chainlink’s price reference data is one of the most widely-used decentralized oracle solutions in the DeFi space, and it remains credible to the fact its activity is also up by 60% since the start of the year.
Chainlink still being in price discovery mode helps the crypto-asset attain consistent bullish tops in the present market. Additionally, LINK’s Daily Active Addresses also registered a record high recently, although a divergence was identified on the chart as well. Its Network Growth too climbed to an ATH level recently.
Source: Santiment
LINK’s price surges have been supported by a host of other metrics too. Chainlink’s Token Circulation Level, for instance, is flashing bullish signals for the 13th straight month, according to Santiment.
Source: Santiment
Trading at such a high range, a section of the market’s investors will always be willing to sell in order to cap in some profits. Hence, the hodling sentiment will play a key role in the future for Chainlink.
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