Chainlink (LINK) Surges 30% to $18.43: Bulls Eye $20 Resistance for Further Gain

Chainlink (LINK) has been one of the best-performing cryptocurrencies, outpacing broader market moves over the last week. Currently, Chainlink is trading at $18.43 with a 24-hour trading volume of $3.31 billion and a market capitalization of $10.21 billion. Over the past 24 hours, LINK price has surged by 13.96%, a staggering 30% in the weekly chart, as it seals its dominance among altcoins.

Most of the recent price rally of Chainlink can be attributed to several factors, according to the on-chain analytics platform Santiment. The altcoin drew jump-hopped in the race with previously dormant wallets noting the highest Age Consumed spike that was calculated at 5.38 billion.

🔗📈 #Chainlink has jumped ahead of the #altcoin pack after some previously dormant wallets created the highest Age Consumed spike (5.38B, calculated by multiplying coins moved by the amount of days those coins had been dormant). This influx of $LINK back into the

(Cont) 👇 pic.twitter.com/eHVpeJz2HW

— Santiment (@santimentfeed) February 1, 2024

This metric, determined by multiplying the number of coins moved by the duration during which those coins remained stagnant, reveals a significant reintroduction of LINK into the network circulation. This renewed circulation of LINK has likely played a pivotal role in the recent price jump.

Additionally, the network has experienced minor liquidations of wallets, a phenomenon often associated with Fear, Uncertainty, and Doubt (FUD). Despite these signs, the market has responded positively, contributing to further price rises and reinforcing Chainlink’s position in the altcoin space.

ChainLink Technical Analysis Hints Bullish Momentum

A renowned crypto analyst, Ali Martinez, has expressed that the price is likely to rally in the coming weeks. On-chain analytics indicate a significant resistance zone, marked by the presence of 5,330 addresses holding a total of 8.59 million LINK at an average price of $20. This insight suggests that surpassing this level could trigger a substantial bullish movement for Chainlink.

Adding to the positive sentiment, cryptos analyst Michaël van de Poppe gave a bullish statement on the LINK price. Confirming higher low on $LINK, he leads the target expecting a massive breakout if Ethereum in the coming period gains momentum.

In addition, Van de Poppe predicts that Chainlink will potentially rally towards the $25-30 region in the near future due to the rising upward momentum it is currently portraying.

However, with the cryptocurrency market continuing to define new paths, investors and enthusiasts are gearing up to watch Chainlink’s performance very closely. LINK’s fate depends upon the forthcoming weeks very quickly, that can open the doors for a bounce above $20 and having some steam behind it.

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