Chainlink Surges 17% in 14 Days—Is $17 the Next Stop?
Chainlink (LINK) bulls are back in charge—the oracle network’s token just ripped past resistance, clocking a 17% gain since mid-April. Traders now eye the $17 mark, a level last seen before the ’great crypto winter’ of 2022.
Why the rally? Real-world asset tokenization deals and fresh institutional interest lit the fuse. Of course, Wall Street’s suddenly ’bullish’—nothing like a price pump to make bankers remember blockchain exists.
Key hurdles ahead: LINK must hold above $15.50 and dodge the usual ’buy the rumor, sell the news’ circus. One hedge fund analyst muttered, ’We’ve seen this movie before—but hey, maybe this time the sequel doesn’t flop.’
Cryptocurrencies Hold Steady Amid Bullish Developments
Chainlink’s (LINK) latest rally comes amid a larger market-wide resurgence. The cryptocurrency market faced a substantial price dip earlier this month. Bitcoin’s (BTC) price fell to below $75,000. The market has made significant gains over the last few days. BTC has reclaimed the $94,000 price point. The global crypto market cap has hit $3.06 trillion after its recent dip to $2.5 trillion.
Other bullish developments include Arizona passing two bills that could allow the state to create a Bitcoin (BTC) reserve. The move may have led to a spike in investor confidence. LINK may have also benefited from the rise in investor sentiment.
Can Chainlink Hit $17 This Week?
According to CoinCodex analysts, LINK could continue its bullish trajectory over the coming days. The platform anticipates the asset to breach the $17 mark on May 5. CoinCodex further predicts LINK to trade at $19.49 on May 11. LINK’s price will rally by 30.72% if it hits the $19.49 target.
CoinCodex does not anticipate Chainlink’s (LINK) price to hold at $19. The platform expects a correction to $10.12 on May 24. Falling to $10.12 from current price levels will entail a correction of about 32.13%.
There is also a possibility that Chainlink (LINK) will not face a correction as predicted. The Federal Reserve may announce an interest rate cut soon. A rate cut could lead to a surge in risky asset investments.