Chainlink Eyeing $18 Price Level as Market Value Hits 19-Month High

Chainlink Targets New Highs After Release Of Updated Roadmap For Introduction Of Staking

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.

Source: Michael van de Poppe

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.

Source: Santiment

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.

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