Why Chainlink’s Price is Surging and How LINK Could Reach $200 in This Bull Run
Highlights
- A crypto analyst predicts Chainlink (LINK) could rise to between $200 and $800 in the current cycle.
- LINK recently broke through key resistance at $22.80, its highest price since March.
- Increased whale activity and a rise in total value secured are fueling bullish momentum.
Chainlink has started the month on a strong note, reaching its highest price in nearly three years. The surge is attributed to the ongoing altcoin season and Chainlink’s pivotal role in the oracle industry. Analysts are increasingly optimistic, with one forecasting LINK could soar to $200 during this bull run.
Analyst Predicts Chainlink Could Hit $200
After breaking the critical resistance at $22.80, LINK’s price has sparked bullish predictions. A crypto analyst recently forecasted that LINK could climb to between $200 and $800, representing a potential increase of 700% to 3,233%. While this projection might seem ambitious, similar gains have been seen recently in Ripple and Stellar Lumens, which surged over 400% in a month.
The analyst pointed to a longer-term chart showing LINK within a channel, suggesting the token could rally if bulls push to test the upper side of the channel. 
Key Factors Driving LINK’s Rally
- Whale Accumulation: Data indicates increased whale activity, with new addresses hitting a two-year high.
- Total Value Secured (TVS): Chainlink’s TVS has risen to $37.57 billion, making it the leading oracle network over competitors like Chronicle, WINKLink, and Pyth.
Technical Analysis: Further Gains Possible
- LINK recently surpassed a crucial resistance level of $22.80, invalidating a bearish double-top pattern.
- The token is approaching the 50% Fibonacci Retracement level at $26.63 and remains above the 50-week and 200-week Exponential Moving Averages.
- A break above $26.75 could pave the way to its all-time high of $52.80, a 120% increase from current levels.
Risks to Watch
If LINK drops below the psychological support level at $20, the bullish outlook may weaken. In this scenario, the 200-day moving average at $12 would become the next key level to monitor.
As the altcoin market continues to rally, Chainlink’s strong fundamentals and increasing adoption position it as a standout performer, with the potential for significant gains in this bullish cycle.
