Analysts Say Chainlinks Next Bull Run Will Push It To ATH
With the bulls currently taking charge of Chainlink, Experts and analysts in the crypto market have predicted that the digital asset is on course to make another all-time high record.
With Bitcoin experiencing massive gains and losses in the space of days, investors in the market are at a loss about whether to start selling or to continue buying. It is no news that the leading digital asset has made massive jumps in a matter of weeks after it jumped from its previous $10,500 price mark to rest above the $15,500 region. The success enjoyed by Bitcoin sent major altcoins to the bears with just little token struggling to maintain their previous price.
Chainlink performing well as other altcoins struggle
With some significant altcoins struggling to hold on to their price, Chainlink has been performing well in the crypto market as the new week began. The bulls were able to take charge of the coin, pushing it up to $12.55 with a 9% gain from the previous week.
In a report that was published by CoinGecko, Chainlinks market value has appreciated hitting $4.32 billion in the process. This development means that Chainlink has once again made its way into the market’s top 5 valuable digital assets.
Analysts and experts have noted that Chainlink’s recent performance can be attributed to the activities of whales in the market. This is not new as whales have been an integral part of the bull runs experienced by coins in previous years.
In a recent transaction reported by Whale Alert, a bot that monitors high-grade transactions, a user transferred about 412,070 chainlinks worth $5,314,449. This massive sell-off is coming off the back of the recent positive news trailing the latest coronavirus vaccine trial made by Pfizer.
Analysts say Chainlink will reach new ATH in the coming days
Analysts have noted that Chainlink is perfectly placed to be taken over by bulls to reach another all-time high in the coming weeks. A Twitter user, CryptoUB, has pointed out that the coin is still fresh as it always has enough grounds to cover if a surge were to happen eventually.
Presently, the next resistance of the coin is placed at $13, and if a surge is going to happen, it will have to overcome that obstacle. According to CryptoU, if the bulls take charge of Chainlink, it could go as high as $16.50 as it has previously traded around the price region in the past.
Another Twitter user, Kevin Svenson, has said that Chainlink is ready to test new peaks in the coming weeks. Kevin noted that if the coin eventually hits $13.40, then a new ATH should be expected.
Chainlink witnessed a price surge up to $19.83 but was quickly led by the bears in a declining run after the DeFi market collapse. Presently, Chailink’s price is trading at $12.70, as it currently has a market capitalization of $4,971,002,937 and an average daily trading volume of $1,752,508,466.