The Chainlink (LINK) price rallied to a high of $30 in the early London session. The altcoin’s remarkable uptrend majorly came after news broke that New York-based Grayscale Investments bought 115,570 LINK tokens for its Grayscale Chainlink Trust over the past two weeks.
As per data from ByBt.com, the crypto investment firm procured the LINK tokens from March 17 to April 1. The data showed that Grayscale added 65,570 LINK to its reserves on Thursday, resulting in a price pump in the Chainlink market.
Grayscale LINK Holdings Shoot up Dramatically | Source: ByBt.com
Following the bullish news from Grayscale, the LINK/USD exchange rate shot up as much as 5.10% to reach the previous week’s high on the prospects of higher institutional adoption.
The LINK price surge came as part of a broader bullish trend across the altcoin market that saw other bitcoin rivals such as BNB, ADA and FIL log massive gains on the daily and weekly charts.
LINK is in an Extremely Bullish State
Per a prediction from one top analyst at FXStreet, LINK is close to hitting a bullish trajectory after being range-bound for weeks.
The analyst noted that LINK now trades inside a symmetrical triangle structure, raising the altcoin’s chances of registering a 37% uptick if the bulls manage to break above the pattern’s upper trendline resistance.
A bullish breakout above the $30.0 level could propel the LINK/USD pair to the $41.0 zone, as per the analysis by Akash Girimath on FXStreet.com.
Respected crypto analyst Michaël van de Poppe also presented a bullish outlook for LINK, highlighting its growing strength against its rival BTC. Similarly, analysts at crypto tracking service Santiment forecasted a higher buying sentiment in Chainlink markets, based on the number of rich wallets holding LINK.
“Chainlink knocked on the door of $30 for the first time in 11 days, climbing to $29.99 on Binance and still within close range. We’re keeping an eye on mid and large holders owning between 100 to 100k LINK, as they’ve accumulated greatly in March,” the platform tweeted.
As of the time of writing, LINK is up over 20% on the weekly chart to trade at $30.35.
LINKUSD Chart By TradingView
BNB Price Surges Above $300
Binance Coin (BNB) price pumped above $300 on Thursday after forming a solid support base above $220. The third-largest crypto asset by market cap gained momentum after breaking the $305 support level and formed a high at $325.
Now that the bulls have successfully led the BNB/USD pair above the $300 barrier, investors can anticipate the altcoin to possibly rise higher towards $350 or $400.
BNB/USD Chart By TradignView