Chainlink Price Shines With 40% Rally — Is $28.5 Possible?

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As a seasoned researcher with years of experience in the cryptocurrency market, I find myself intrigued by the recent surge in Chainlink (LINK) prices. The altcoin’s recovery from its consolidation range and subsequent leap past the $20 mark has been quite impressive.

For the past seven days, the cryptocurrency market hasn’t been as impressive as some investors might expect. Nevertheless, the large-cap altcoins appear to have shaken off their lethargy and ended the week on an upward trend. Notably, Chainlink has displayed promising indications of a comeback, bouncing back from a period of consolidation.

To begin the new week, the value of LINK soared, reclaiming the $20 level for the first time since March. As this digital asset appears to be regaining momentum, the curiosity among investors arises: What could be the future trend in the price of Chainlink?

Can LINK Price Return To Its 3-Year High Of $28.5?

On their latest update on platform X, crypto analysis company Santiment explored the potential of Chainlink’s price surge and its recent spike in momentum. Highlighting its potential, the influential on-chain platform suggested that a couple more strong performances could help Chainlink reach a substantial price milestone once again.

As reported by Santiment, Chainlink’s current price is around 10% shy of hitting $28.5, a value it last lost back in January 2022. Market analytics firm Santiment suggests that many on-chain indicators point towards an increased probability of reattaining this price point in the immediate future.

Currently, Chainlink (LINK) has seen a late surge in price and needs to increase by approximately 10.8% to reach its three-year peak attained in January 2022. Notably, there’s minimal retail excitement or fear of missing out (FOMO) concerning LINK. Historically, markets tend to behave counterintuitively to the crowd’s expectations, so it’s worth monitoring the situation as we move forward.

— Santiment (@santimentfeed) December 6, 2024

According to Santiment, traders have shown a measured response instead of excessive enthusiasm regarding the price surge of LINK. The on-chain analysis indicates a modest absence of retail panic buying (FOMO) in the wake of LINK’s recent bullish trend.

In the realm of cryptocurrency trading, there’s a common feeling known as FOMO (fear of missing out), which frequently leads traders to make hasty investment choices. According to Santiment, when this ‘crowd FOMO’ increases significantly, it might create a bearish impact on prices and potentially trigger sudden price drops.

Additionally, it’s worth noting that the cryptocurrency market often behaves contrary to popular belief. Consequently, the current bearish outlook among traders regarding Chainlink’s price might significantly contribute to its continued upward trend towards the $28.5 level.

Chainlink Price At A Glance

Currently, LINK’s price hovers approximately at $25.5, marking a significant 10% increase within the past day. Remarkably, if we look at its performance over the past week according to CoinGecko, it has seen an even more impressive surge of over 40%.

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2024-12-07 17:10