Bitcoin made a resurgent rally over the past week, surging back above $48,000 as excitement builds towards the upcoming Bitcoin halving event this April. With the crypto market leader making big moves to start 2024 (don’t forget Bitcoin ETF approvals a month ago), altcoins have also seen spurts of momentum.
Oracle network Chainlink is among the best performing large market cap altcoins so far this month. With LINK gaining almost 40% since late January and looking poised to continue appreciating, now is an ideal time to take a deeper dive into its price action.
Chainlink Price Gains Momentum, Sets Sights on $25
Chainlink (LINK), the leading decentralized oracle network, has seen its token price surge almost 40% since the last week of January. After consolidating between $13-$17 for nearly three months, LINK finally broke out above its sideways channel to reach the $20 level.
According to analysis from altFINS, LINK met its initial target of $20 for an 18% gain after breaking out past the $17 resistance. Now, altFINS is looking for LINK to either 1) break strongly above $20 to continue the uptrend or 2) pull back towards $17 support before making another move upwards. As a top oracle provider enabling real-world data and asset tokenization on blockchains, Chainlink stands to benefit from growing adoption of decentralized finance (DeFi) applications.
With LINK now trading solidly above $20, it appears ready to push higher and continue its upward trajectory. The previous sideways pattern between $13-$17 represented investor indecision, but the breakout signals renewed interest in LINK. Trend traders waited patiently for a directional move, while swing traders had opportunities to trade the range.
Bullish Indicators Suggest Further Upside
At press time, LINK’s relative strength index (RSI) reads between 50-55 across longer timeframes like the daily, weekly, monthly, and 6-month charts. RSI measures the speed and magnitude of recent price movements to determine overbought or oversold conditions.
A reading between 50-70 generally indicates bullish momentum, so LINK has room to appreciate before becoming “overbought” (RSI over 70).
Notable crypto analyst Michaël van de Poppe, who has nearly 700k followers on social media platform X, tweeted a bullish outlook on LINK:
“Chainlink is on its way towards $25 and possibly $35 as the trend continues.”
From its current price around $20, hitting $25 would equate to a 25% price increase for LINK. Reaching $35 would mean a 75% rally. As one of the most respected analysts in the industry, Poppe’s bullish call carries decent weight.
In addition, whale watching platforms have noticed increased accumulation of LINK tokens over the past week. According to LookOnChain data, one mystery whale purchased over $112 million worth of LINK via 55 wallet addresses on crypto exchange Binance. This type of major capital flowing into an asset signals institutional confidence and often precedes price rises.
The next technical target sits around the $25 area, which lines up with Poppe’s analysis. Beyond that, a move to test or even exceed $35 in the coming weeks or months would not be surprising.
The leading blockchain oracle provider looks poised to challenge its all-time high market valuation around $52 and $22 billion market cap later this year. Compared to the current $11.8 billion market capitalization, that would represent nearly a 2x gain from today’s levels.
Between the strengthening long-term macro tailwinds lifting all cryptocurrency prices, increasing network adoption as Chainlink cements itself as the oracle standard across DeFi and Web3 applications, high-profile partnerships like its collaboration with Google, and bullish endorsements from respected analysts, LINK has all the ingredients needed to make a new high.
NuggetRush Emerges in Booming Meme Coin Space
While LINK trends upwards thanks to strengthening network fundamentals, a new meme coin contender called NuggetRush (NUGX) has entered the crypto stage. Unlike the endless imitators popping up daily in the meme coin subsector, NUGX differentiates itself by blending play-to-earn gaming with real-world mining rewards.
Currently in presale Stage 5, NuggetRush has already sold around 177 million NUGX tokens at the locked price of $0.02 per token. It has raised over $2 million so far thanks to the investors’ interest.
As the first meme project to integrate 3D gameplay centered on mining actual natural resources like gold. Gamers can earn money through battle quests and ranked play, with rewards paid out in precious metals or cash via the in-game NFT marketplace.
NUGX also prioritizes security and code integrity. A portion of revenues get donated to charities as well, enabling social impact alongside financial rewards.
Here is NuggetRush tokenomics breakdown:
- 43% Public Sale
- 20% Marketing & Partnerships
- 17% Competitions & Ecosystem Rewards
- 20% Listing & Liquidity
With major exchange listings planned once ICO is finished, a stacked marketing budget to drive adoption, and a successful ICO so far, NuggetRush might be the next big meme coin. Of course, as with all meme coins, caution is advised.
Its surge to over 40k followers on X and 3,000 Telegram members indicates strong momentum as the presale draws to a close. To learn more about mining real assets in the metaverse while earning income, visit NuggetRush’s official website through the link below.
Between Chainlink’s resurgence thanks to broadening integration of off-chain computation across DeFi and Web3, plus NuggetRush’s approach to play-to-earn mechanics with real world asset mining, crypto investors have plenty of intrigue to follow in February 2024 and beyond. Analysts like Poppe forecast LINK reaching $25 soon, with a run towards $35 not out of the question.
And NUGX’s presale performance, already topping $2 million in sales, keeping an eye on leaders and emerging contenders now might potentially set investors up nicely for long-term gains.