The chainlink can set up for another aggressive rally, according to entrepreneurs, after recording a 44% gain over the past week.
“The link that looks ready for Round 2,” Crypto businessman Johnny, with more than 860,000 followers in X, Says In a post on Wednesday, teaching a bullish setup this Sunday after the hit of $ 24.60.
“Most obvious big cap play,” said the businessman
Singlent Says This is the “highest level of bullishness” chainlink (Link) has been seen since Feb. 1, more than six months ago. The chainlink also has 54% in the past 30 days, trading at $ 24.0 at the time of publication, According to In CoinMarketCap data.
Another 6.2% increase at $ 25.50 will put approximately $ 61 million in short positions at risk of extermination, According to in coinglass data.
However, despite its recent rally, the chainlink remains 55% below May 2021 all-time high $ 52.88.
It belongs to many top 20 cryptocurrencies – such as stellar (XLM) Hedera (Hbar), and Litecoin (LTC) -They have not been able to get their 2021 all-time highs.
Analysts have previously said that many merchants can wait for popular coins from 2021 to revisit all time high levels before selling to Breakeven.
However, some analysts suggest that this may be higher. Crypto Traders Miles Deutscher Says“The link could be the most obvious big play of the cap for this cycle,” adding that “most people will miss it.”
Developments for chainlink in recent times
Deutscher said this is because the chainlink is the “winner from the institutionalization of crypto and the explosive growth of stablecoins, tokenisation, and RWAs.”
On Monday, Chainlink cooperated with the Fortune 500 Company based in the US Intercontinental Exchange (ICE) foreign exchange and precious metals Data onchain.
Related: Blockchain compliance tools can slash Tradfi costs: chainlink co-founder
Chainlink co-founder Sergey Nazarov said on May 15 that asset tokenization is set Speed up the movement of capital Throughout the traditional market and boost the speed of capital in asset classes such as wealth, equality, private credit, commercial debt, and real estate.
Crypto commentator Rick Barber Says In an X post, “All eyes and interests regarding the $ link are in the hope of a deposit and updating this week to the newly created reserve.”
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This article does not contain investment advice or recommendations. Every transfer of investment and trading involves risk, and readers should conduct their own research when deciding.
