Chainlink Continues Rally With A Foray Into The Top 10

The cryptocurrency Chainlink continues its rally with a new all-time high and a foray which brought it among the top 10 largest cryptocurrencies. One analyst was in the cryptonews for predicting that the upward trend of the Chainlink (LINK) price will continue in the direction of $10.

Right now, the price of LINK is at $7.91 with a 8.44% increase as the cryptocurrency made it into the top 10. At the time of publication, LINK is on a roll and managed to displace EOS, Crypto.com (CRO) and Binance Coin (BNB).

According to the analyst Michael van de Poppe, there is huge and growing optimism about LINK’s share price outlook. He highlighted that the token’s impressive feat of rising by 100% in a single week after breaking the $5 resistance is something that is more than just impressive. Overall, the LINK coin managed to provide investors with gains of more than 600% in the last 6 months.

$LINK #CHAINLINK

Personal target here at $7.10-7.25 reached since the tweets earlier.

Such a beast.

Just a matter of time until it reaches the next one at $10.

I think that's doable this year. pic.twitter.com/C3h4shnUjD

— Crypto Michaël (@CryptoMichNL) July 12, 2020

As we can see from Van de Poppe’s tweet, it is only a matter of time before the coin reaches the 10 dollar mark. Chainlink continues its rally and the range between $7.10 and $7.25 is the potential support or resistance flip for long positions.

Besides all of the speculation circling in the Chainlink news, there have been two factors driving the LINK rally as of recently:

• The Ethereum DeFi trends which are viral, as the field of decentralized finance grew and recently reached a new all-time high in Total Value Locked (TVL) of over $2 billion.
• The LINK price which has been positively impacted by the growing adoption of the Chainlink platform, which has been gaining popularity among developers in the DeFi space and has been driven by important partnerships.

In addition to this, Chainlink continues its rally confidently. The team behind the coin is also involved with everything. For instance, the CEO of Chainlink, Sergey Nazarov, spoke at the Unitize 2020 panel and said that business and government adoption of blockchain tech and regulations are making rapid progress.

Even though he did not dare to predict that 2020 is a turning point for the coin, Nazarov still stressed that Chainlink continues its advance in terms of technology and infrastructure improvements, and will continue to gain importance on the markets.