Chainlink Price Surges 40% This Week, Approaching $28.5 Target
The cryptocurrency market has shown mixed performance recently, but large-cap altcoins like Chainlink (LINK) have demonstrated signs of recovery. LINK's price surpassed $20 for the first time since March, raising questions about its future trajectory.
Can LINK Price Return To Its 3-Year High Of $28.5?
Crypto intelligence firm Santiment noted that LINK is approximately 10% away from reclaiming the $28.5 level, a price it lost in January 2022. On-chain signals suggest a higher likelihood of reaching this target soon.
Chainlink has enjoyed a late-week rally, and now needs to climb just +10.8% to match its 3-year high from January, 2022. It is encouraging that there is little retail FOMO toward LINK. Markets move the opposite direction of the crowd's expectations, so the crowd's… pic.twitter.com/UuKdmMMXWA
— Santiment (@santimentfeed) December 6, 2024
Santiment observed that traders remain cautious rather than overly enthusiastic, with minimal retail FOMO influencing LINK's recent bullish movement. This sentiment could be significant, as historical trends indicate that the crypto market often moves contrary to widespread trader expectations.
Chainlink Price At A Glance
Currently, the price of LINK is around $25.5, reflecting a 10% increase over the past 24 hours. Over the last week, LINK has surged by more than 40%, according to CoinGecko.
