YEREVAN (CoinChapter.com) — Chainlink, the popular decentralized oracle network (DON) that brings real-world data live on the blockchain, is rallying. The price of its native token, LINK, has surged nearly 20% over the past week, with 6% of that coming within the past 24 hours alone.
During the midday trade, LINK price reached the $16 mark per token, having dropped to a recent low slightly above $13 earlier this month.
At the time of writing, Chainlink exchanges hands at $15.78, according to charts from the portfolio management app CoinStats.
Chainlink to reach $35?
Following the recent rally, the LINK price is poised for more gains in the coming week. According to crypto analyst Michael van de Poppe, a potential bullish breakout is reflected on the charts for Chainlink.
Currently, Chainink’s price remains around 70% below its all-time high of $52 on May 10, 2021.
While Poppe’s predictions may seem too optimistic, two more factors can foster a bullish sentiment among investors. Combining these can potentially drive LINK to $25-$30.
1. Strong Liquidity
Michael van de Poppe also noted in his tweet that Chainlink has demonstrated strong liquidity absorption during recent dips, suggesting it’s gearing for a breakout towards the $25-30 range.
Factors contributing to Poppe’s prediction include Chainlink’s performance against market leaders Bitcoin (BTC) and Ethereum (ETH), indicating potential upward movement in LINK’s price and general activity around the token.
2. New partnerships may fuel Chainlink’s price
Recently, Chainlink announced it would expand by launching more tamper-proof Oracle networks.
Moreover, the blockchain has forged collaborations with various platforms to enable a smoother creation of Decentralized Applications (DApps) on its network. These platforms include NewchangeFX, OddzFinance, and Polkamonorg.
Last week, Arbitrum announced that it had integrated Chainlink into its platform. Such collaborations instill confidence in investors, preparing the ground for a future Chainlink price rally.
Given these factors, there’s a palpable optimism surrounding Chainlink’s potential to surge. Once the LINK price closes above the $16 resistance point, bulls may rally behind the token to push it toward the $30 mark, as predicted by Poppe.