- Chainlink (LINK) has made a whopping 17 percent surge in the last 24 hours, targeting the $25 price point.
- An analyst predicts a massive dominance by the altcoin market and expects a valuation of $1.25 trillion.
Chainlink (LINK) makes a sharp move from its bearish state to an upsurge of 17% in just 24 hours. Interestingly, the asset crosses the $18 price point as it targets $25 in a surprising rally. Its seven-day performance dominates the entire altcoin ecosystem with a 30% gain.
A quick look at the Santiment data shows that buying pressure has increased. Dormant wallets have also become active as the Age-Consumed metric for Chainlink surges with a measurement of 5.38 billion.
According to experts, the Age-Consumed metric is assessed by multiplying the asset by the number of dormancy days. This is reported to have been one of the main catalysts behind the ongoing rally. Weeks ago, it was reported that whales had doubled down their LINK accumulations, piling up 57 million of the asset in just 30 days. According to an Intotheblock report, the accumulation was a testament to awakening confidence in Chainlink or could be a strategic investment approach.
A further assessment of the current price move led to the discovery that there was a minor liquidation of wallets on the Chainlink network. Analysts associate this with Fear, Uncertainty, and Doubt (FUD). Per reports, this could trigger an increased price volatility and eventually cause a price surge. A look at the Chainlink/BTC shows that the asset is still building momentum for another massive surge.
Analyst Speaks on Chainlink (LINK) Price Target
This was also confirmed by a renowned analyst Michael van de Poppe who disclosed an interesting development in the LINK/BTC pair. He has always stressed the significance of higher lows in the LINK/BTC pair. According to him, the performance of Chainlink is mostly tied to the momentum of Ethereum. In this case, the asset could trade between $25 and $30 in the near term. Ethereum currently has a bullish market sentiment with a score of 90/100.
The analyst also made a bold prediction about the altcoin market in the next two to three months. Per his analysis, the market could record a surge of 50-80% within the period, sending its total valuation to $1.25 trillion.
The total market capitalization for #Crypto seems ready for another push towards $2.1T, but that will be done through coins other than #Bitcoin. Consolidative period, before the next impulse, is likely going to occur.
Solana joins LINK to lead the altcoin market as it surges by 5% in the last 24 hours, trading at $100. Avalanche (AVAX) is also up by 5%.
According to de Poppe, Bitcoin dominance (BTC.D) provides a hint at the possible market shift as reflected in 2016 and 2020 patterns. Interestingly, these were periods of Bitcoin halving.
Bitcoin dominance peaking a few months prior to the Bitcoin halving. History repeating itself. It has happened in 2016, and 2020 and seems likely to happen in 2024 as well. Once #Bitcoin bottoms out, I expect altcoins to start outperforming.
With the Bitcoin halving scheduled for a few months from now, analysts believe that the market could regain prominence and reduce Bitcoin dominance.
