Chainlink Has Room To Rally After The 200% December High

Chainlink has room to rally in price despite the fact that the entire crypto market posted nice gains as well. Some of the assets have also been doing a lot better than others which is exactly what Chainlink did as we are reading more in the LINK news today.

Chainlink is a prominent altcoin-blockchain project that links the off-chain data to other bigger platforms such as Ethereum. The cryptocurrency gained more than 200 percent during the December bottom and established a price of $1.60, rallying higher than $5.00 a few days ago. Although this is a great performance, commodities and other elements of the traditional market have dropped so LINK is now prepared to go even further according to the on-chain data from the industry company announcements.

Crypto analyst under the name ‘’Garry’’ released a long analysis about LINK back on Friday which shows the many reasons why the crypto-asset could have enough room to rally over $5.00 in the upcoming short-term. Some of the reasons include:

• Both Chainlink and LINK appeared in the Santiment’s Emerging Trends tracker which shows that the cryptocurrency gains popularity. This is extremely important because there was another spike in social volume last year before the crypto broke past the previous all-time high.
• The count of the daily active addresses on LINK is on another multi-month high but the trend is getting lower. Garry believes that this is a clear sign showing similar trends that could continue creating new tops.
• The balance of whales continues to go higher suggesting a bigger accumulation phase which only confirms that the investors expect the rally to go on.

While most of the signs suggest the price of the altcoin to go higher, Chainlink has a possible threat if Bitcoin falls under $9,000 in the upcoming days which could jeopardize the position of the cryptocurrency. LINK’s rally was mostly based on the momentum but the altcoin has seen a decent increase in price because of the positive developments in the past few months. Just a few days ago, the Ethereum-based tokenization startup Chilliz revealed a partnership with Chainlink in order to activate smart contract functions based on the real data.