Chainlink ($LINK) Posts 3-Month High After 112% Gains 6-Weks, Here’s What’s Next

Time Stamp: September 6, 2021 2:38 AM
Source Node: 1060205

Chainlink ($LINK) has soared to a new 3-month high of $33.84 after rising over 112% in the past 6-weeks. The altcoin has recorded a 12% surge over the last 24-hours and the price is also trading above the 200-MA, indicating a bullish resurgence in price.

LINK
Source: TradingView

The altcoin is up 35% over the past week and looks to mimic a similar price pattern as that of Cardano ($ADA) and Solana ($SOL). Many believe the surge in development activity on the blockchain has been one of the key reasons behind the recent surge as the altcoin aims to get near its May all-time-high of $52.88.

$LINK’s development activity has soared accordingly with its price or vice versa. While the rest of the crypto market has experienced a similar bullish price burst, altcoins are leading the current bullish rally with the likes of $SOL, $ADA, and $LUNA posting new ATHs.

LINK
Source: Santiment

Can $LINK Pull a Solana?

During the first bull cycle, different cryptocurrencies with similar use cases grew and rose to new all-time highs. First Bitcoin and Ether rose to new highs then the old tokens from 2017 and the hard fork of Bitcoin. This was followed by the rise in price of NFT tokens and later oracles such as Chainlink. Now that altcoins have started to take charge, it seems Ethereum killers and oracle projects have started to surge.

$LINK has broken past the key range and could see massive upside potential in the coming days. The altcoin is currently 35% down from its ATH, but looking at the rising momentum, it could very well post a new ATH by the end of the year and many even believe it could trade in triple digits by year-end.

The altcoin just flipped Litecoin’s market cap to take the 12th spot on the coinmarketcap rankings and is only $3 billion short of flipping Uniswap to take the 11th spot.

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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