Chainlink Outperforms Bitcoin, Ethereum: Will LINK Hit $50 Soon?

Chainlink (LINK) is among the best-performing cryptocurrencies in the last 24 hours. The asset’s price has surged by more than 20% in the daily charts, compared to Bitcoin (BTC) rallying 3.6% and Ethereum (ETH) rallying 7.1% in the same time frame.

Chainlink Price Chart
Source: CoinGecko

LINK’s price has risen by 20% in the daily charts, 12.9% in the weekly charts, 48.4% in the 14-day charts, and 84.5% over the previous month. The asset’s price has also risen by 79.3% since December 2023.

Also Read: How High Will XRP Trade On Christmas Day?

Why Is Chainlink Rallying Today?

LINK’s latest upward swing could be due to a general market resurgence. Bitcoin (BTC) has reclaimed the $101,000 level and is inching closer to a new all-time high. Investor sentiment may pick up steam once again.

Another possible reason for LINK’s rally could be rumors about a potential BlackRock partnership. Members from both parties reportedly met at the Abu Dhabi Finance Week. The reports have led to speculation whether both companies are working on a partnership.

Also Read: Cardano Rebounds 14%: Is ADA Back on Track for $2 in 2025?

Will The Asset Hit $50 Next?

Chainlink (LINK) is currently down by 48.4% from its all-time high of $52.70. The asset’s price peaked in May 2021.

According to CoinCodex, LINK will continue to rally over the next few months. The platform predicts LINK will trade at a new all-time high of $66.77 on Feb. 21, 2024. Hitting $66.77 from current price levels will result in a rally of about 138.98%.

Chainlink Price Prediction Coincodex
Source: CoinCodex

Several analysts anticipate the crypto market will surge under Donald Trump’s leadership. Many expect an extended bull run over the next few years. Trump has named a White House crypto czar and a new crypto-lenient SEC chair. Under such market conditions, LINK’s price could eventually breach the $100 mark.

Also Read: META Stock Hits All-Time High as Ad Revenue Passes $100B

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Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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