Chainlink's price began the month on a robust surge, reaching its highest level in over three years due to the cryptocurrency season and Chainlink’s crucial role in the Oracle sector.
Chainlink's Price Surge
This month, Chainlink's price surged to a three-year high, fueled by the start of the cryptocurrency season. Chainlink’s role as a critical Oracle boosted interest, and crypto analysts presented bullish predictions. One analyst predicted that Chainlink might skyrocket from $200 to $800, implying a 700% to 3,233% increase.
Contributing Factors
Key factors fueling Chainlink’s surge include increased whale activity and a sharp rise in new wallet addresses, reaching their highest level in two years. Additionally, the total value secured by Chainlink’s network surged to $37.57 billion, reinforcing its dominance as the largest oracle platform.
Technical Analysis and Forecasts
Chainlink broke above the key resistance level of $22.80, leading to a 30% surge in 24 hours and marking its highest point since March 11 after three weeks of gains. The token is near the 50% Fibonacci Retracement level at $26.63, with the upwards trend continuing if it breaks above this week’s high of $26.75.
With further growth, Chainlink might exceed current levels, whereas a drop to the psychological support of $20 would invalidate the bullish outlook.
