Why Is Chainlink (LINK) Price Booming Today?
Chainlink price is on the rise as this Oracle Service provider has surged 7% in the last 24 hours, pushing the value to the month high of $18.82 just a few hours ago. After a minor decline, the LINK price is currently at $18.18 with a market cap of $10.6 Billion. Moreover, the altcoin is slightly bullish as the trading volume is up by 143%, indicating higher surges.
In this blog, let us discuss why the Chainlink (LINK) price is booming today.
Why Is the Chainlink (LINK) Price Rising?
Chainlink is among the top 15 cryptocurrencies on the CoinmarketCap for its market capitalization. Moreover, the LINK price rose to as high as $21.75 earlier after the bullish market conditions in March, hinting at its price potential. But, what else is behind today’s price rally?
Mainly two things, one being Chainlink’s partnership with Swift payments at the Consensys conference in Austin, Texas, happening this week. Secondly, the after-effects of Ethereum ETF approval.
This Consensys conference will be co-presented by Chainlink along with Swift, an international payments platform, and will be attended by 15,000+ people from 100+ countries.
15,000+ people from 100+ countries are attending @consensus2024.
We are excited to be on the ground with multiple events and experiences, including a @SergeyNazarov keynote and a fireside chat with Swift.
Plan your schedule around everything Chainlink
https://t.co/pmL1CgeoJZ pic.twitter.com/WwSqUJsg2H
— Chainlink (@chainlink) May 27, 2024
This collaboration has resulted in the LINK holder’s bullish reaction to the collaboration news. Moreover, the network completed 12 updates for the 6 Chainlink services on the nine blockchains, including the arbitrium, Ethereum, and many more.
⬡ Chainlink Adoption Update ⬡
There were 12 integrations of 6 #Chainlink services across 9 different chains: @arbitrum, @base, @ethereum, @LineaBuild, @MetisL2, @Optimism, @0xPolygon, @Scroll_ZKP, and @zksync.
New integrations include @DistribGallery, @EnoToken,… pic.twitter.com/xXj0Y89txC
— Chainlink (@chainlink) May 26, 2024
Most importantly, the Ethereum ETF bullish rally has surged the demand for altcoins, including Chainlink. This has also opened opportunities for other ETFs to enter the market. As the Chainlink project co-founder Sergey Nazarov said,
It’s really just the beginning. It is a sign of a very clear trend that not only Bitcoin, not only ETH, but many other tokens out in the world will end up getting their own ETFs at some point, allowing the larger global capital markets to interact with that financial product.
Chainlink Price To Surge 300%
Chainlink has a long way to go, as the current surge is nothing compared to its highest gains. Being a part of the crypto industry for six years, LINK price has had its share of ups and downs, where the 2021 bull run made the token jump to its all-time high of $52.88, which is 65% higher than its current value.
However, that’s about to change as the analysts anticipated the Chainlink price to surge around 300% in the upcoming days. Michael Van de Poppe, one such analyst, has envisioned the Link price to surge by 150% to 300%. As per his analysis, Chainlink has crossed the crucial support level, and the bullish run is about to hit this altcoin.
#Chainlink woke up from the crucial area of support.
Likely, there’s going to be continuation and the low is in.
From this point, I wouldn’t be surprised with at 150-300% price increase. pic.twitter.com/ulweEUpAYV
— Michaël van de Poppe (@CryptoMichNL) May 27, 2024
It has to see how the Chainlink price will move ahead under the assumption of the 300% surge, as the cryptocurrency is only one-third of its best-performing values.
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