{"id":162881,"date":"2023-09-26T11:00:27","date_gmt":"2023-09-26T05:30:27","guid":{"rendered":"https:\/\/dripp.zone\/news\/chainlink-price-rally-to-continue-after-this-multi-year-breakout-crypto-news\/"},"modified":"2023-09-26T11:00:29","modified_gmt":"2023-09-26T05:30:29","slug":"chainlink-price-rally-to-continue-after-this-multi-year-breakout-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/chainlink-price-rally-to-continue-after-this-multi-year-breakout-crypto-news\/","title":{"rendered":"Chainlink Price Rally to Continue After This Multi-Year Breakout – Crypto News"},"content":{"rendered":"

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Oracle service provider Chainlink has been an outperformer despite the strong selling pressure in the altcoin space. In the last 24 hours, the Chainlink (LINK) price<\/a> has rallied by another 5% giving a multi-year breakout on the technical chart and moving past $7.5<\/p>\n

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Is $LINK<\/a> breaking its multi-year Macro Downtrend?#LINK<\/a> #Crypto<\/a> #Chainlink<\/a> pic.twitter.com\/vVKu0Efsm4<\/a><\/p>\n

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\u2014 Rekt Capital (@rektcapital) September 25, 2023<\/a><\/p>\n<\/blockquote>\n

This means that the LINK price rally could continue going further. Over the last week, the Chainlink price is up by 10% and it has grown to more than 25% over the last month.<\/p>\n

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Popular crypto analyst Michael van de Poppe noted<\/a>: \u201cChainlink is probably done with its accumulation and will start its bull cycle in Q4 2023. Very similar to the rest of the markets, which are starting to wake up. It\u2019s just a matter of time until people start to shift sentiment\u201d.<\/p>\n

As reported earlier this week, the Chainlink address activity<\/a> has shot up to a two-month high. Additionally, this surge signifies heightened network activity and participation, demonstrating the growing enthusiasm and engagement within the community. Furthermore, the rise in unique active addresses frequently correlates with greater utilization and acceptance of the network\u2019s native token, LINK. This is evident in the recent appreciation of LINK\u2019s market value over the past week.<\/p>\n

Chainlink (LINK) Price Target<\/h3>\n

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LINK is currently trading above both the 50-day and 200-day price averages, signifying robust bullish momentum in the market. Should the current buying fervor persist, there\u2019s potential for LINK to reach its yearly peak of $8.898, achieved on November 7, 2022. Moreover, if buying momentum continues to escalate, there\u2019s the possibility of LINK establishing a fresh all-time high in the days ahead.<\/p>\n

Also, the selling pressure on Chainlink is reduced as the exchange supply decreases. The remarkable surge in LINK\u2019s price corresponds with a sharp decrease in its supply on centralized exchanges (CEXs). According to Santiment data, Chainlink\u2019s supply has dropped by 16.4% over the past ten days. Typically, a reduced token supply diminishes selling pressure, bolstering a positive outlook.<\/p>\n