Chainlink Soars: Yearly Highs and Altcoin Rally in Sight?

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The first six months of 2024 were marked by the appearance of Bitcoin and Ethereum ETFs and the revival of meme coins. However, there is one cryptocurrency that has risen above many others and is ready to rise even higher – Chainlink (LINK).

Source: Bitscreener

Instead, LINK has once again confounded expectations in May, soaring 29% and setting its sights on fresh yearly highs. This impressive performance has placed LINK at the center of the attention of analysts who think it can be indicative of movements in the altcoin market next.

Cryptocurrency analyst Michael van de Poppe is especially optimistic about LINK’s price movement. He points to LINK as a potential predictor of the rest of the altcoin market and says that, if LINK can hold above $16, more gains are possible. At the time of writing, LINK is trading at a price above $18 but it has slightly fallen within the past day.

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The prospect of approval for Bitcoin and Ethereum ETFs adds a new dimension to LINK’s story going forward. These investment offerings are also expected to drastically affect the prices of various tokens and LINK could be the barometer of the entire altcoin market.

Bitcoin’s entrance, without any doubt, brought a new wave of value to the whole market. Although it may be small compared to Bitcoin ETF’s direct effects, Ethereum ETF is also expected to cause an increase in prices. With this aligning with LINK’s current bullish run, you could then see a break to fresh yearly highs and a more generalized alt season. As the primary example of how the altcoin market might be developing, investors now turn their attention to LINK with the expectation of the next step.

Five surges of Chainlink (LINK) against Bitcoin (BTC):

• July 2019: Surge after mainnet launch and partnership with Google.
• July 2020: Spike due to increasing DeFi adoption.
• August 2020: Boost from widespread blockchain integrations.
• May 2021: Rise during overall crypto market bullish trend.
• October 2021: Increase in the adoption of blockchain projects and market positivity.

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