In the last 24 hours, Chainlink (LINK) has jumped more than 14% to trade above $34, stretching gains that began over the weekend. Like several other cryptos, LINK started the week on a high note following Bitcoin’s climb above $51,000.
On-chain analytics platform, Santiment, has said that Chainlink’s jump coincides with increased Github activity. Apart from this, Chainlink price feed integrations may have also caused general bullishness in the community. Coupled with possible decentralized finance (DeFi) moves, LINK now looks to target the $37-$42 resistance level.
LINK seems to have set a new support zone above $30, especially since it has crossed the 200-day moving average. If the price crosses $37, the new LINK target would be $43. At press time, LINK is trading at $35.72. Earlier, LINK traded at $36.35 for the first time since May 20.
In the first quarter of the year, LINK rose by 161% but fell 37% in the second quarter. The drop happened as other major assets fell – including Bitcoin (BTC) and Ether (ETH).
However, there are bullish sentiments trailing the asset. According to CEX.IO head of data analytics, Yuriy Mazur, the next three weeks could see LINK hit $50. Mazur believes that Chainlink’s partnership with nearly 80 new projects might be one of the major factors for its upcoming bullishness.
Image Credits: Pixabay
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