Chainlink Soars Above 7.5 Dollars, Anticipates Prolonged Price Rally

Crypto News- Chainlink Soars Above 7.5 Dollars; In spite of the prevailing pessimism surrounding altcoins, Chainlink, the widely recognized oracle service provider, continues to shine. Over the last 24 hours, we’ve witnessed Chainlink (LINK) making an impressive 5% surge, marking a significant multi-year breakout on our technical charts as it triumphantly crosses the $7.5 milestone.

Chainlink Soars Above 7.5 Dollars, Anticipates Prolonged Price Rally

This development hints at the possibility of an extended LINK price rally. Over the past week, Chainlink’s price has experienced a delightful 10% uptick, while over the last month, it has astoundingly grown by more than 25%.

Our attention was recently drawn to remarks made by the distinguished cryptocurrency analyst Michael van de Poppe, who expressed his viewpoint. He believes that Chainlink has likely completed its accumulation phase and is gearing up for its bullish cycle, set to begin in Q4 of 2023. This perspective aligns with the broader market trend, which seems to be awakening from its slumber. It’s just a matter of time before market sentiment undergoes a noticeable shift.

This week’s reports have also brought to light a surge in Chainlink’s address activity, reaching a two-month high. This surge indicates heightened network engagement and participation, a clear reflection of the growing enthusiasm within our Chainlink community. Furthermore, the increase in the number of unique active addresses often correlates with increased usage and acceptance of our network’s native token, LINK, as clearly evidenced by the recent uptick in LINK’s market value.

At present, LINK is trading above both its 50-day and 200-day price averages, signaling a robust bullish momentum in the market. Should the current buying spree persist, there’s the exciting possibility of LINK reaching its peak for the year, standing at $8.898, a record achieved on November 7, 2022. Moreover, if the buying momentum keeps surging, LINK may even break its all-time high in the days to come.

In addition to all this, selling pressure on Chainlink has significantly reduced as the supply on centralized exchanges has dwindled. Our impressive price surge goes hand in hand with a remarkable 16.4% decrease in LINK’s supply on these centralized exchanges over the past ten days, as indicated by Santiment data.

Typically, a diminished token supply eases selling pressure, strengthening our positive outlook. Santiment also notes that Chainlink tokens have been moved from exchanges to cold wallets, effectively taking them out of circulation. This development adds further weight to our bullish outlook for this digital asset.