The native token of Chainlink (LINK), the leading blockchain oracle network, has rallied 40% in the past week, now trading near $24 and showing a strong rebound from previous lows.
According to Santiment, Chainlink is experiencing its highest bullish sentiment since February 1, alongside the largest number of active LINK addresses in eight months. Whale transactions have also reached a seven-month high, signaling increased participation from both large holders and developers building on Chainlink.
Partnerships Strengthen Market Confidence
Beyond on-chain metrics, Chainlink’s market confidence is being fueled by new partnerships. The project recently joined forces with the Intercontinental Exchange (ICE) to bring foreign exchange and precious metals data on-chain, further linking LINK to traditional finance and expanding its real-world utility.
Technical Analysis
Analysts note that if LINK can hold above $24, it could target $30 in the near term. The Relative Strength Index (RSI) sits in the mid-60s, leaving room before overbought conditions kick in.
Despite the rally, LINK is still around 55% below its May 2021 all-time high of $52.88. Similar to Stellar, Hedera, and Litecoin, it hasn’t yet reclaimed its 2021 peaks — meaning some traders may wait for those levels before taking profits.
With rising investor confidence, record whale activity, and bullish technicals, LINK could be poised for more upside — potentially revisiting previous highs if current trends hold.
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