Chainlink (LINK) started December with a decent surge which made it reach the highest level in the last 3 years. This unexpected surge points towards Chainlink’s role in the Oracle sector as the crypto season begins.
Some crypto analysts have put forward provocative predictions suggesting that Chainlink prices will skyrocket to $800. Generally, analysts harbour a bullish price outlook for Chailink. However, the thought of the coin crossing the $22.80 resistance level has renewed that interest.
If Chainlink indeed rallies towards the $800 mark then that would make it a 700% to 3233% price gain. Although this LIN price prediction is rather high it is feasible as seen in Stellar Lumes and Ripple witnessing a 400% surge in the last 30 days.
This sudden surge in Chainlink prices is due to new wallet addresses and heightened new whale activity. Incidentally, this is the first time Chainlink has touched such a high level in 2 years.
Additionally, the Chainlink network’s TVL rose to $37.57 billion which further cemented its position as a leader in the oracle sector as it continues to surpass other competitors like Pyth, WINKLink and Chronicle.
As per the weekly price chart, Chainlink is trading above the $22.80 barrier, having gained 30% in the last 24 hours. This has resulted in LINK reaching its highest point since March 11. The breakout upstaged the potential double-top pattern with a $8 neckline which is actually a bearish pattern. Now it is inching towards the 50% Fibonacci Retracement level at $26.63.
Chainlink is still trading above the 50-week and 200-week Exponential Moving Averages (EVAs). The token is about 120% away from its all-time high of $52.8 which it can hit if it breaks the $26.75 high point set this week. In case that happens, the bullish trend will be confirmed.
However, if Chainlink goes below the $20 support well then the bullish momentum will be invalidated and the next support zone will be at $12 which is near the 200-day moving average.
At press time, LINK was down 4.22% in the last 24 hours to trade at $23.99 with the trading volume and the market cap declining 64.76% and 3.84% to reach $3.21 billion and $15.03 billion respectively.