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Chainlink (LINK), a favorite of many crypto analysts, has been attracting the attention of investors for quite some time. As one of the promising altcoins with solid fundamentals, LINK Coin saw a 20% increase today. While the price of BTC surpassed $30,100 at the time of writing, the king of cryptocurrencies, the bullish movement of LINK was initiated.
Why is Chainlink (LINK) Surging?
We have talked about what Chainlink has been trying to achieve several times in the past few years. The successful tests with the recent Swift partnership have made the blockchain-based oracle solution even more popular. Furthermore, we mentioned that the planned increase in the stake pool and innovations aimed at increasing token utility could fuel the price.
Considering all these details, it is not difficult to understand why LINK Coin is in demand today. Technically, LINK is heading towards the double-digit price target we mentioned, with the recent successful completion of resistance tests.
Chainlink currently provides price feeds for many smart contract platforms. We have discussed all of these in detail in our previous article on the future of Chainlink. If you wish, you can read the details about long-term expectations and current market dominance from our previous article.
The Chainlink team is preparing for the future, and their recent posts explain how this field is indicating a revolution with the tokenization of real-world assets.
LINK Coin Price Analysis
At the time of writing, the price of LINK Coin is above $9 and has reached a daily gain of 20%. Although it peaked at $9.17 today, BTC’s upward trend gives hope for further increases. There are notable details on the technical side. First of all, on the daily chart, LINK Coin is testing the resistance zone for the sixth time in about a year.
If the price can break above $9.43, it can embark on a journey to $18 once again. After starting at $18 in April 2022, the price dropped to $5.66 and then tested this resistance zone. Now, after several tests, the price is struggling to surpass this important threshold once again.
If $8.42 is lost again, the bullish scenario targeting $18 may fail. For now, BTC movement is supporting the increase.
