Why is this “undeniable” at Chainlink?
Chainlink had a nice rally late last month and is trading above $ 18.6 at the time of writing. Altcoin prices have increased 3% in 24 hours and similarly increased in the past 7 days, holding the 15th.
LINK / USD | Source: Tradingview
This altcoin rose from the start of the year through May 2021 from $ 11.87 on January 1 to a high of $ 52 in May 2021. The price has been falling continuously since May 9th.
However, as did analyst Michael Van de Poppe shown that the altcoin season may be approaching. Can this altcoin season put LINK in a stronger position?
According to analyst and YouTuber Aaron Arnold, LINK was one of the strongest coins in July 2021. With a long-term approach, he has care for The mood for LINK is quite optimistic.
“What Chainlink has done from the start is undeniable, as evidenced by the number of integrations into their ecosystem. As long as cryptocurrencies and Bitcoin are in a bull market (which I believe), LINK will do very well. “
The YouTuber cited Chainlink’s number of integrations (which hit 617 in early July) and the network’s rapid growth.
Chainlink Community on Twitter, TheLinkMarine 2.0, excited notification:
“Chainlink has another successful month of integration with 52 integrations announced in June! We cracked the 600 mark and now it’s 617! 270 DeFi products, 88 blockchains, 37 NFT projects. “
Arnold also quotes tweets by analyst “ChainLinkGod.eth 2.0” on Twitter, who indicates that the Chainlink price feed has been available on the mainnet for over 2 years and has increased from 1 feed to 247 (24,600%).
All of this is positive for the flagship oracle project, like Poppe in one Video that LINK’s recent bearish rejection could trigger a slight bearish price move and test lower lows. The analyst also confirmed that LINK is currently showing weakness.
“You want the LINK / BTC pair to cross 50,000 sats to 61,000 sats: when this scenario completes it will hit a higher low and is expected to rise 45%. Upon completion, LINK could target the 100k Sats resistance. “
Source: Michael van de Poppe
However, the analyst does not rule out the possibility of healthy growth in the future and said:
“LINK should see one more consolidation before the outbreak, where key resistance is found at around 60,000 sats.”
While LINK had a nice rally, both its trading volume and price increased and sentiment in the chain continued to decline. However, amid the Chainlink 2.0 discussions, altcoin prices could rise significantly in the future.
You can see the prices LINK here.
According to AMBCrypto