The post Chainlink (LINK) Price is Ready for an Explosive Move After a Successful Rebound appeared first on Coinpedia Fintech News
Chainlink (LINK) price has signaled early signs of continuing with the prior bull run after rebounding from the lower border of a megaphone weekly consolidation. The mid-cap altcoin, with a fully diluted valuation of about $18.5 billion, remains a favorite among institutional investors due to its real-world utility and deep liquidity. Moreover, over $750 million in LINK was traded in the past 24 hours leading to Thursday.
Why is Chainlink (LINK) the Best Bet Right Now?
The Chainlink network is now in its second major cryptocurrency bull market after growing through the 2022/2023 crypto winter. The Chainlink team developed tangible infrastructure tools to enable the democratization of smart contracts and blockchain technology.
The Chainlink Cross-Chain Interoperability Protocol (CCIP) has attracted notable attention from web3 developers seeking to scale securely to different multi-chains.
The Chainlink network has thrived in providing reliable oracle prices, especially on the Ethereum network, thus enabling web3 developers and smart contract builders to fetch quality data.
Also Read: Top Low-Cap Altcoins on $BASE With 10-100x Potential
LINK Price Action
According to a popular and reputable crypto analyst Michaël van de Poppe, LINK price has successfully retested the support level around $16.4 and is now ready to rally upwards. The crypto analyst noted that the LINK price against the US dollar in the higher time frame has been making higher highs and higher lows, a well-known characteristic of a rising trend.
According to Poppe, the Chainlink price against the US dollar is about to explode in the near term fueled by the crypto cash rotation from Bitcoin. Moreover, the LINK/BTC pair on the higher time frame is still retesting the bear market breakout in anticipation of an inevitable bull run.