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LINK had a nice run near the end of last month, and it was trading just above the $18 mark at the time of publication. The alt’s price was up 6% in 24 hours and 13.65% in the previous 7 days, and it was ranked 15th out of the top 20 cryptocurrencies on the market.
From the beginning of 2021 to May 2021, the altcoin’s price rose from $11.87 on January 1 to a high of $52 in May 2021. Despite a 13 percent rise in the previous week, the price has been consistently dropping since May 9, bringing it down to $18.
However, as analyst Michael Van de Poppe pointed out that an alt season might be approaching. Could this alt season put LINK in a stronger position?
Analyst and YouTuber Aaron Arnold mentioned that Chainlink was one of the strongest alts to have in your wallet for July 2021. Adopting a long-term approach he maintained a rather bullish sentiment for the alt. He said,
“What Chainlink has done since its inception is undeniable, from their integrations to their ecosystem. As long as cryptocurrency and Bitcoin are in a bull market (which I believe it is) Chainlink is going to do very well.”
The Youtuber based his opinion on the number of integrations by Chainlink, which was 617 at the beginning of July, and the rapid growth of the network.
#Chainlink has another jam-packed month of integrations, with 52 announced in June! 🔥
We’ve broke 600 🏆 and now total 617!
— TheLinkMarine 2.0 🦆🦆 (@TheLinkMarine1) July 2, 2021
Furthermore, Arnold cited the analyst known on Twitter as “ChainLinkGod.eth 2.0,” who stated that the Chainlink Price feeds have been live on mainnet for over two years and have risen from one feed to 247. (24,600 percent ).
#Chainlink Price Feeds have been live on mainnet for over two years and have increased from 1 feed to 247 (24,600%)
In that time, we saw #DeFi TVL rise from $530M to $86,000M at its peak (16,000% increase)
That’s not a coincidence, the DeFi economy runs on Chainlink oracles pic.twitter.com/3OH1Nm80Wa
— ChainLinkGod.eth 2.0 (@ChainLinkGod) July 2, 2021
While all this made a good case for the top oracle project Chainlink, Poppe pointed out in a recent video that LINK saw a bearish rejection recently which can trigger its slight downward price movement and make the alt test lower lows. The analyst further pointed out that Chainlink was showing weakness at the moment. He said:
“ You want to see LINK/BTC pair to crack through 50000 Sats to 61000 Sats, once that scenario is fulfilled and it makes a higher low and a 45% rally on the upside can be expected. Once that is done LINK can target 100k Sats resistance “
However, the analyst didn’t discard the idea of a healthy growth for the alt in the future and said,
“Chainlink should have some more consolidation before a breakout in which the critical resistance zone is found around 60K sats.”
While Chainlink had a good rebound, with increased transaction volume and price, on-chain sentiment remained unfavourable. However, with discussions of Chainlink 2.0, the alt’s price might skyrocket in the future.