Crypto trader Johnny — who has over 860,000 followers on X — stated: “LINK looks ready for round two,” pointing to bullish technical signals after the price hit $24.60 this week. He called it “the most obvious large-cap play” of this market cycle.
According to data from Santiment, bullish sentiment toward LINK is now at its highest level since February 1, over six months ago. Over the past 30 days, LINK has surged 54%, trading at $24.00 at the time of writing, per CoinMarketCap. A further 6.2% rise to $25.50 could put around $61 million in short positions at risk of liquidation, according to CoinGlass.
Still, LINK remains 55% below its all-time high of $52.88 set in May 2021, grouping it with other top 20 cryptocurrencies like Stellar, Hedera, and Litecoin — all of which have yet to reclaim their 2021 highs. Analysts believe many investors may be waiting for popular coins from 2021 to revisit all-time high levels before selling at breakeven.
Some experts believe the rally could extend further. Trader Miles Deutscher remarked: “LINK might be the most obvious large-cap play of this cycle, but most people will miss it.”
Recent Developments for Chainlink
According to Deutscher, Chainlink is a major beneficiary of the institutionalization of crypto and the rapid growth of stablecoins, tokenization, and real-world assets (RWA).
On Monday, Chainlink announced a partnership with Intercontinental Exchange (ICE) — a U.S.-based Fortune 500 company — to bring foreign exchange and precious metals data onchain.
Earlier, on May 15, Chainlink co-founder Sergey Nazarov said that asset tokenization will accelerate capital flows across traditional markets and boost capital velocity in asset classes such as treasuries, equities, private credit, commercial debt, and real estate.
