Chainlink (LINK) Poised for 20% Price surge Amid Growing Adoption
Chainlink (LINK) is showing signs of a potential 20% price increase. The token has gained about 6%, trading at $17.27 on May 14. This rally started on May 6, with LINK now up nearly 70% from its lowest point this year. Its market value is close to $11.39 billion.
Interest in LINK has surged, reaching $768.65 million, the highest since March 11. This rise frequently enough indicates more traders are participating, which can lead to critically important price movements.
The altcoin’s weighted funding rate has been positive for seven days. This means more traders are bullish and willing to pay to hold their positions. On the daily chart, LINK has broken above the 50-day moving average, a bullish sign.
LINK has formed an inverse head-and-shoulders pattern, suggesting a trend reversal. The next price target could be around $20.95,a 21% gain from current levels.If the bullish trend continues, LINK might reach its year-to-date high of $27.3.
Ecosystem growth is supporting this bullish narrative. Chainlink was chosen for BNB Chain’s Kickstart Program, allowing new projects to use its tools. dolomite integrated Chainlink’s CCIP for cross-chain transfers. Chainlink also expanded with 12 new integrations across six services.
Regulatory changes could further boost LINK. Clearer crypto rules might lead to more tokenized real-world assets, increasing demand for Chainlink’s services. As a U.S.-based cryptocurrency, Chainlink could benefit from the push for homegrown blockchain projects.
