Chainlink Price Analysis: LINK Price Hit 3-Month High, What’s Next?

Chainlink (LINK), a layer 0 blockchain known for providing decentralized oracle data to DeFi protocols, has outperformed most altcoins with an impressive 18% rally, reaching $8.21 during the early Asian trading session on Friday. The recent surge comes after a fake-out liquidation and a period of consolidation since the crypto bear market triggered by the Terra Luna collapse last year.

For a while, LINK Price has mostly stayed between $6 and $8, and this range has become a zone where investors gather and buy. But recently, there has been a sudden increase in the amount of trading activity, indicating that more traders and people in the market are getting interested in Chainlink.

Why LINK Price is Surging? Here’s What On-Chain Data Says

On-chain data reported by Santiment reveals that Chainlink holds the third position among trending digital assets, reaching a three-month high. The daily traded volume for LINK has also hit its highest level this year, accompanied by a surge in social discussions surrounding the cryptocurrency. Santiment predicts a bullish outlook for Chainlink over the weekend, with a potential price target of $10, fueled by FOMO (Fear of Missing Out) traders.

Chainlink’s bullish momentum is noteworthy as the Bitcoin market indicates a possible correction in the near term. Additionally, Bitcoin’s dominance has decreased from 49.77 percent in July, allowing for an expected influx of crypto cash flow into the altcoin industry in the coming weeks.

From a technical standpoint, Chainlink is on the verge of initiating a fresh macro-bullish trend that could extend over the next few years.