Crypto prices are in recovery mode, with major altcoins outperforming Bitcoin’s 3.15% price increase on March 24. Among them, Chainlink is one of the top performers, reaching $15 again and reversing the downward trend. Now, many analysts believe that the LINK price can go even higher.
On Monday, Chainlink reached a seven-day high of $15.28, rising 6%, contributing to its weekly price increase of 10%. The price increase pushed its market cap beyond $10 billion, placing it 11th among all crypto assets.
Several reasons for this increase include broader market momentum and Chainlink’s latest technological advancements. For one, favorable macroeconomic conditions have helped Bitcoin regain the $87k mark, recovering from the low of $76,624 earlier this month.
Technical advancements have also contributed to market momentum. For instance, on March 19, Chainlink launched the Multistream upgrade, a boost for scalability. Notably, the network’s oracles can now process thousands of data streams simultaneously.
This contributes to a 1000x increase in throughput, boosting the network’s usability and inspiring confidence among investors. Moreover, Chainlink was recently shortlisted for a major fintech award by Global Custodian magazine, which showcases the interest among fintech firms in the company.
Chainlink Price Prediction
The latest recovery is also evident in Chainlink’s technicals, which are now indicating favorable market conditions. For one, Chainlink now appears to be trading in a rising wedge formation, bouncing off the $13.55 support. This is great news for LINK, as the wedge has an upward boundary of $40.70.
If the wedge continues to hold, the LINK price will have to maintain above the $17 resistance at the 20-week Exponential Moving Average (EMA). At that point, a realistic short-term price target is $25.80, right in the middle of the wedge. If LINK manages to attain that level, the next target is $32.66.
In the next few months, the price of LINK could surge to the upper wedge level of $40.70. At that point, the Chainlink price would face significant resistance, which would likely only be overcome in a major bullish market scenario for altcoins.
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