According to traders, Chainlink may be preparing for another wave of aggressive gains, having recorded a 44% increase in the previous week.
“LINK looks ready for a second round,” said cryptocurrency trader Johnny, who has over 860,000 followers on X, in a post on Wednesday, pointing to the bullish pattern that emerged this week after reaching $24.60.
Santiment noted that the current bullish sentiment for Chainlink (LINK) is at its highest level since February 1, marking over six months. According to CoinMarketCap data, Chainlink has risen 54% in the past 30 days, with a price of $24.0 at the time of writing.
According to CoinGlass data, a further increase of 6.2% to $25.50 would put approximately $61 million in short positions at risk of liquidation.
However, despite the recent surge, Chainlink is still 55% lower than its all-time high of $52.88 in May 2021.
It is one of several top 20 cryptocurrencies—such as XLM, Hedera (HBAR), and Litecoin (LTC)—that have yet to recover their historical highs from 2021.
Analysts have previously stated that many traders may be waiting to sell at breakeven prices after popular coins from 2021 reach their historical highs again.
But some analysts believe the price is likely to rise further. Cryptocurrency trader Miles Deutscher stated, “LINK may be the most obvious large-cap opportunity of this cycle.” He added that most investors might miss this opportunity.
Deutscher pointed out that Chainlink benefits from the institutionalization of cryptocurrency, as well as the rapid growth of stablecoins, tokenization, and real-world assets (RWA).
On Monday, Chainlink partnered with the U.S. Fortune 500 company Intercontinental Exchange (ICE) to bring foreign exchange and precious metals data on-chain.
Chainlink co-founder Sergey Nazarov stated on May 15 that asset tokenization will accelerate the flow of capital in traditional markets, enhancing the capital turnover speed of asset classes such as government bonds, stocks, private credit, commercial debt, and real estate.
Cryptocurrency commentator Rick Barber posted on X, “All attention and interest are focused on the expected deposits and updates to the newly established reserve for $LINK this week.”
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Original article: “Chainlink Recovers: LINK Rises 44%, Traders Eye ‘Second Round’ Bounce”
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