As the altcoin rally gains momentum, it’s link powering the charge, featuring an impressive 20% surge, reaching new three-month highs above the $8 token level. This sharp uptick indicates that LINK is now robustly trading north of all significant moving averages, following a stunning 65% rally from the June lows of sub-$5.0. The primary driver of the LINK rally appears to be the increased risk appetite for altcoins after a US judge’s favorable ruling towards XRP last week.
LINK, the cryptocurrency powering Chainlink’s decentralized oracle network, facilitates smart contracts on various blockchain platforms to connect with real-world data and external APIs. This aids in the recent rally as the positive ecosystem developments that enhance LINK’s utility also contribute to the upward trend.
Earlier this week, Chainlink’s Cross-Chain Interoperability Protocol (CCIP) went live, signaling a new era of interoperability in the highly fragmented web3 world. This, combined with the increasingly bullish altcoin market, seems to have spurred whales to double down on their optimistic LINK bets. Crypto enthusiasts often view whales, or major players in the market, as “smart money,” so their ramped up interest in LINK might be a precursor to continued retail interest and further price boosting.
Despite this optimism, LINK continues to linger within its 14-month range. To shift the narrative decisively in favor of LINK, the crypto must breach the resistance, predicted to be a 2022 triple top around the $9.50 area. This breakthrough could pave the way for swift gains, potentially reaching the next major resistance around $11.50 and possibly stretching towards $18.50.
The prospect of a bullish breakout as the altcoin outlook improves is looking increasingly viable, suggesting LINK bulls may anticipate potential 2x gains in the upcoming months. However, it’s essential to balance an investment portfolio. High-risk-high-reward investments such as crypto presales, where investors buy tokens of startup crypto projects to fund their development, can potentially yield significant returns.
Together with the encouraging LINK outlook and suggestions for diversification, investors have a wealth of options to leverage multiple strategies and drive growth. The quest for finding such projects with revolutionary crypto applications or platforms boils down to identifying promising prospects optimally poised for growth. As LINK continues to showcase its robustness and investment potential in a volatile crypto marketplace, the optimism remains palpable. Yet, as always, a note of caution is warranted. The crypto market is not for the faint of heart, and investment strategies should be undertaken with careful deliberation and informed judgment.
Source: Cryptonews
