Chainlink price shows impressive bullish potential, aims for 37% rally
- Chainlink price recovered from a drop below $20, posting 27.5% gains over the past two weeks.
- The altcoin’s price has shown bullish potential riding the crypto market rally over the first two days in 2022.
- Analysts have predicted a continuation of Chainlink’s uptrend since the price crossed $24 earlier today.
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Chainlink price set a new weekly high, continuing its uptrend on January 4, 2022. Chainlink is the leading provider of open-source Oracle solutions, and it continues to partner with firms.
Chainlink recovers from price drop displays bullish potential
Chainlink, provider of oracles, has recovered from the drop in price at the end of December 2021. The altcoin has posted over 27% gains over the past two weeks. Analysts believe that the altcoin has shown impressive bullish potential.
@Hayess5178, a crypto analyst and trader, recently tweeted that he accumulated Chainlink tokens during the price drop. The analyst has predicted a continuation of the oracle provider token’s price rally.
@Hayess5178 has set the next target for Chainlink price at $33.
Buying the $LINK and $DOT dip a couple of hours ago worked well . Nice bounce from them both. Now just need #Bitcoin to not dump
— Simon Hayes (@Hayess5178) January 3, 2022
Breaking $24 for $LINK is what I want to see for continuation higher.#Bitcoin https://t.co/8peiFkvzjJ pic.twitter.com/ESbtFln0Ih
The pseudonymous analyst predicted that breaking past $24 and sustaining above that level would imply that the altcoin rally is likely to continue.
$LINK @chainlink On #Binance
— Simon Hayes (@Hayess5178) January 2, 2022
Recovering well the last couple of days.
Breaking and holding above $24 would be a big deal and probably send it to $33.#Bitcoin https://t.co/nnQUpjnU6I pic.twitter.com/bopUPzgHfm
Guy, a crypto analyst at the YouTube channel Coin Bureau, believes that Chainlink’s partnerships could fuel a bullish narrative for the altcoin’s price over 2022.
The analyst considered Chainlink’s latest integrations, partnerships, initiatives and protocol updates before concluding that the token has bullish potential.
As more enterprises join the Chainlink ecosystem in 2022, there could be a spike in the adoption and utility of the native token.
Chainlink price feeds are a key integration for several DeFi protocols. The rising adoption and scale of partnerships could fuel demand for Chainlink’s native token.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
