Chainlink (LINK) continues to make notable strides in the current bullish market on the foundation of a remarkable uptrend.
The twelfth largest cryptocurrency based on market cap was recently able to break out of a range that had engulfed the network for more than 500 days, as highlighted by leading crypto analyst Michael van de Poppe.
Having already broken the $12.5 resistance level, LINK seems to be eyeing the $18 price level because the next major ceiling lies, per Van de Poppe’s analysis.
Chainlink was up by 26.7% in the past week to hit $13.65 at press time, according to CoinGecko.
LINK’s Market Value Surges to a 19-Month High
As Chainlink rides on the present bullish wave being enjoyed in the crypto market, the coin’s market value has risen to a 19-month high, per Santiment data.
This bullish momentum has been instigated by the fact that LINK was able to breach the $12.5 zone, a scenario not seen since April 2022.
Furthermore, a holding culture continues to penetrate the Chainlink market, given that the number of wallets holding more than 1,000 LINK soared to an all-time high of 27,152, according to Santiment.
Chainlink has been calling the shots to the extent that its year-to-year (YTD) gains exceeded Bitcoin’s.
However, Bitcoin still leads in wallet profitability because more than 79% of BTC holders are still in profit, whereas the LINK profitability ratio stands at 54.96%.
Meanwhile, a surge in whale activity has also been instrumental in propelling Chainlink’s bullish run. For instance, heightened whale transactions aided LINK to breach the then 3-month high price of $9, as previously reported by ZyCrypto.