Chainlink (LINK) Surges Past $10.6, Eyes $13.1 and $16.8 Resistances
The Essentials in Brief
Chainlink (LINK) recently broke through a significant resistance mark of $10.6 US, recording an impressive return of 18.58% over the last seven days. This development raises the question of whether a rise to $16.8 US as the next target is realistic. Analysts and market observers are discussing the potential of LINK against the backdrop of a possible altcoin season and the correlation with other major cryptocurrencies.
Chainlink’s Impressive Uptrend
Chainlink has broken through a crucial resistance line on the 4-hour timeframe without an immediate retest. This suggests potential strength in price development. Despite the challenges posed by the medium-term downtrend since March, eyes are now on the next significant resistance levels at $13.1 US and $16.8 US.
Weekly Outlook and the Role of Bitcoin
Compared to Bitcoin (BTC), LINK has shown resilience and is aiming for the $12 US level. However, for a continuation of this momentum, LINK must overcome the 2100 Sats mark. If successful, LINK could follow other DeFi projects and target the 4400 Sats mark. The recent overcoming of weekly liquidity supports the potential for an upward movement.
The Upcoming Altcoin Season
The broader altcoin market is showing signs that could repeat patterns from 2017 and 2021 when altcoins surged after the halving. The market capitalization of altcoins is currently in a consolidation phase, similar to previous cycles, which often preceded significant rallies. This suggests that an altcoin season could be on the horizon, from which LINK, along with other altcoins, could benefit.
Historical Correlation and Outlook
Chainlink’s correlation matrix shows a strong relationship with major crypto assets: 0.95 with Bitcoin, 0.94 with Ethereum, 0.96 with Dogecoin, and 0.97 with Shiba Inu. This means that an uptrend in these assets is likely to be reflected by Chainlink as well. With expected interest rate cuts by the Federal Reserve in September, which could lead to a weaker US dollar, this scenario could further strengthen the price of Chainlink.
Our Assessment
Given the tested key resistance levels and strong correlation with other leading crypto assets, the outlook for Chainlink appears to be positive. The upcoming altcoin season and a potential weakening of the USD provide additional support for a continued uptrend in the price of LINK. Investors and interested parties should closely monitor developments as Chainlink could be on its way to reaching new heights.
Sources: IntoTheBlock, TradingView
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