This summary text is fully AI-generated and may therefore contain errors or be incomplete.
Chainlink (LINK) has experienced a bullish trend recently, with its price closing above the weekly 200 Moving Average (MA) for the first time since May 2022. This indicates that the bulls are in control of the market. The altcoin has gained 173 percent in the past three months and has accumulated positive fundamentals, including partnerships and new products, which have enhanced its mainstream adoption.
The entire cryptocurrency market, led by Bitcoin, is currently in a bullish uptrend. The altcoin market capitalization has retested a recent breakout from a macro ascending triangle, suggesting that it could reach $1.2 trillion in the coming weeks. Chainlink is well-positioned to benefit from this altcoin breakout.
On-chain data analysis shows that the supply of LINK on centralized exchanges has been declining throughout the year. This is seen as a bullish outlook and indicates that investors are moving their assets to non-custodial wallets in anticipation of further gains. Additionally, there has been notable whale accumulation of LINK, with the top 200 richest wallets now holding a combined value of $11.84 billion.
The Chainlink team has also made significant progress in terms of infrastructure, particularly through its Cross-Chain Interoperable Protocol. The network is preparing for the v0.2 staking program, which aims to attract more participants to secure the ecosystem.
In terms of price action, LINK has been accumulating more buyers after encountering resistance between $15.4 and $16.4. The price has been forming an ascending triangle pattern, with the 50 and 200 Moving Averages acting as strong support. If LINK follows Bitcoin’s trajectory, it is expected to reach $24 more quickly than it reached $15.