The altcoin rally is heating up, with blockchaincenter.com’s Altcoin Season Index hitting a new four-month high at 31, and Chainlink (LINK) is leading the charge on Thursday.
LINK surged 20% on Thursday to hit fresh three-month highs to the north of the $8 per token level, at one point even coming close to hitting $8.50.
That means LINK is now trading convincingly to the north of all of its major moving averages.
It also means that LINK has now rallied a stunning 65% from its June sub-$5.0 lows.
LINK is the cryptocurrency that powers Chainlink’s decentralized oracle network that enables smart contracts on various blockchain platforms to connect and interact with real-world data and external APIs.
While increased risk appetite towards altcoins in wake of a US judge’s favorable ruling towards XRP last week is probably the main driver of the LINK rally, positive ecosystem developments that enhance LINK’s utility are also playing a role in the upside.
On Monday, Chainlink’s much anticipated Cross-Chain Interoperability Protocol (CCIP) went live and observers are bullish that it will herald a new era of interoperability in the still highly fragmented web3 world.
Are Whales Accumulating?
The increasingly bullish altcoin market outlook plus positive Chainlink ecosystem developments appear to have encouraged whales to double down on their bullish LINK bets.
At least, that’s according to information presented by popular Twitter account @lookonchain.
As per the on-chain sleuth, five whales have significantly bid up the $LINK price on Thursday in a series of transactions that the Twitter account details here, here and here.
Whales are often considered as “smart money”, and so their increased interest in Chainlink may be a sign that retail is about to pile in, further pumping the price.
Price Prediction – Where Next for Chainlink (LINK)
Despite the recent pump, LINK still remains stuck within its 14-month range.
For things to turn really bullish for LINK, the cryptocurrency will need to break to the north of resistance in the form of a 2022 tripple top in the $9.50 area.
That would open the door to swift gains towards the next major resistance around at $11.50 and possibly on towards $18.50.
But as the altcoin outlook perks up, the chances of a bullish breakout are growing.
LINK bulls should gear up for potential 2x gains in the coming months.
Chainlink (LINK) Alternatives to Consider
Investors should always be on the lookout to diversify their crypto holdings.
One high-risk-high-reward investment strategy that some investors might want to consider is getting involved in crypto presales.
This is where investors buy the tokens of up-start crypto projects to help fund their development.
These tokens are nearly always sold very cheap and there is a long history of presales delivering huge exponential gains to early investors.
Many of these projects have fantastic teams behind them and a great vision to deliver a revolutionary crypto application/platform.
If an investor can identify such projects, the risk/reward of their presale investment is very good.
The team at Cryptonews spends a lot of time combing through presale projects to help investors out.
Here is a list of 15 of what the project deems as the best crypto presales of 2023.
See the 15 Cryptocurrencies
Disclaimer: This section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.
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