Chainlink has surged ahead, leaping 9% to reach a price of $18.45, surpassing Tron (TRX) and achieving a market cap exceeding $10 billion. Chainlink (LINK) hits a 22-month high of $18, fueled by revived dormant wallets, reports Santiment. The influx of LINK back into circulation propels the market cap to over $10 billion, nearing Tron’s position. Plus, with bullish on-chain data, there’s a hope of further surges for LINK prices; however, it might come with corrections near key resistance levels.
Chainlink Surpassed Tron, What Next?
Over the last 24 hours, Chainlink has witnessed a huge liquidation of nearly $4.5 million. All because sellers pumped approx $3.7 million of this total, signaling a surge in selling pressure as the LINK price moves in a direction opposite to their positions, resulting in losses. However, the price surge to $18.45 marks a 22-month high for Chainlink, signaling the end of a three-month consolidation period and potentially setting the stage for a sustained upward trend.
While Chainlink rises, other major crypto like Bitcoin (BTC) and Ethereum (ETH) show slow growth. BNB and Solana (SOL) hint at Altcoin’s potential, but XRP faces challenges after a significant hack involving co-founder Chris Larsen. Analysts quickly highlight LINK’s strength, particularly in comparison to major players like Bitcoin and Ethereum.
Chainlink is crucial in the crypto infrastructure by linking blockchains with essential external data through its network. This functionality brings its potential for further growth, with some analysts predicting a market value for tokenized assets at $16 trillion by 2030.
Chainlink eyeing $20 & Above?
Market analysts, including Ali Martinez and Michaël van de Poppe, express bullish sentiments about Chainlink’s future. Martinez identifies a significant resistance level at $20, suggesting a potential substantial uptrend if surpassed.
Van de Poppe anticipates a rally to the $25-30 range, indicating impressive upward momentum for the altcoin. While maintaining a cautious stance on Bitcoin’s consolidation, Van de Poppe foresees a period of altcoins picking up momentum, with Chainlink positioned as a notable player in this upward trend.
Since all assets are struggling hard in the current market turmoil, Chainlink’s recent surge is a sign of its ability to beat broader trends and potentially chart its course in the coming weeks.
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