The price of Chainlink (LINK) has experienced an upward shock today, reaching $18 (USD), its highest level in the last two years, precisely since February 2022.
This occurred after breaking the lateralization zone that it had maintained between $12 and $17 for three months, as shown in the following TradingView chart.
The breakout of the lateralization zone has generated momentum, reflected in the price of LINK increasing by more than 15% in the last day. The price went from $15 to $18 on this market day.
The cryptocurrency had this increase, among other factors, after the Chainlink ecosystem highlighted aspects of its network and its focus on tokenized real-world assets (RWA).
“Traditional financial institutions need data, compute, and cross-chain capabilities to adopt blockchains and tokenized RWAs at scale. Only the Chainlink platform provides all three,” he explained on the X social network.
Market analysts such as Michaël van de Poppe have expressed optimism regarding Chainlink's outlook, suggesting that the rally could continue towards the $25-30 mark in the coming months.
Additionally, he comments that ether (ETH), Ethereum 's cryptocurrency , is “beginning to wake up”, after the recovery of bitcoin (BTC) from its 2024 minimum. This reflects that enthusiasm would be reactivating among cryptoasset investors, after the massive profit-taking that fueled the launch of BTC exchange-traded funds (ETFs) in the United States three weeks ago.
Bitcoin bullish trend boosts altcoins
Precisely, a factor that can boost LINK and the rest of the altcoins is in the hands of the performance of bitcoin as the main digital currency. In that sense, van de Poppe indicates that assuming the currency is approaching the end of the correction after the launch of the spot bitcoin ETFs, it seems likely that “it will consolidate from here.”
“Perhaps another [bitcoin] run to $48,000 or $50,000 and time for altcoins to outperform,” he added. Currently, BTC is trading at $42,000.
Such a comment takes place after an altseaso n was activated for brief moments during the last month , that is, a season in which 75% of the main altcoins register higher returns than bitcoin. Normally this occurs after a bullish trend in BTC, which generates a rotation of capital to cryptocurrencies due to widespread enthusiasm.
In another message, van de Poppe noted that he believes this bull market will have more impact than the previous one, which could have an implication on LINK. Although he did not specify the reasons, this could be credited to the combination of the upcoming halving, which limits the supply of bitcoin, and the new presence of digital currency ETFs in the US market, which facilitate demand.
