Will LINK Price Rally High or Enter a Correction Phase?
Chainlink price gained very strong momentum since the early hours of trade and smashed the highest ever levels to form a new ATH at $22.56. Currently, the LINK price is trending within a narrow range, experienced a slight pullback but strongly sustained above $20.
LINK marines believe that the price rally would continue and may hit even higher levels in the coming days. However, an analyst MAC predicts a 7% to 8% retracement incoming for the asset followed by a massive 19% rally in the coming 48 hours.
If the LINK price rallies as per the prediction of the analyst, the price may revisit the levels below $20. Moreover, the rally which will be followed after the retracement may carry the price above $30 too.
Also Read: Will Chainlink Outperform Ethereum in the First 2021 Altcoin Season?
More Active Users on Chainlink
With the most dominant DeFi token Chainlink rallied remarkably to form new highs, more number of users joined the network. The on-chain analysis platform Santiment recorded the highest number of active addresses in a day, which were a 5-month high.
Currently, at the time of writing, the LINK price is $21.85 with a jump of around 18.88% in the last 24 hours. The trading volume also intensified by jumping nearly 121.33% to touch $7,813,076,786 from around $4 billion.
The growth in the active addresses indicates more users transacting on the Chainlink platform in the previous working day. And hence a strong bullish momentum is awaiting for the DeFi token shortly.
The previous Altcoin Season had initiated surrounding the Chainlink price rally. In the present scenario, if all the other altcoins follow the Chainlink rally, then yet the first Altcoin Season of 2021 would be magnificent.
Source: Read Full Article