Chainlink (LINK) defied the broader crypto market downturn, surging 7% on May 24. This impressive rally comes amidst a 30% price increase for LINK so far in May, prompting questions about whether it can reach $20 and beyond.
Market intelligence firm Santiment points to bullish on-chain metrics for LINK. The token handily outperformed the market, reaching a six-week high of $17.50. Notably, the ratio of profitable LINK transactions to losing ones sits at a healthy 11:1, the best since December 2022.
Increased activity on the Chainlink network further strengthens the bullish case. The number of daily active addresses on the blockchain has jumped significantly since mid-May. Development activity has also seen a rise, with the number of unique GitHub repositories dedicated to Chainlink growing. This suggests growing interest and adoption of the Chainlink network.
Traders are optimistic about LINK’s future. The token appears to be headed for a retest of the $17.50 resistance level, which could turn into support if broken. Some analysts believe LINK can reach $50 or even experience a 100x increase based on its strong fundamentals and growing adoption.
Overall, the sentiment surrounding Chainlink is bullish. With a strong technical setup, increasing network activity, and growing recognition of its value proposition, LINK’s price rally might just be getting started.
