Chainlink (LINK) has embarked on an impressive uptrend in the past few days as altcoin season gains momentum.
Shocking many traders, LINK continued its major rally above $7.0 in the early sessions of Monday trading. LINK then managed to break the $7.000 resistance to extend its rally to hit $8.0.
A new all-time high has formed near $8.530, and the price is currently correcting lower below the $8.200 level to trade at $7.8000 during press time.
In a fews hours, the altcoin is likely to extend its rise towards the $10.00 level as long as it stays above the $7.0 support level.
What’s Fuelling the LINK Rally?
Over the past 24 hours, the 12th ranked digital asset on CoinMarketCap is up by more than 35%.
Partly driving this remarkable rally is an increase in liquidations of investors that were holding LINK short.
Cryptocurrency trader and analyst Cole Garner shared the graph below showing massive Chainlink short positions liquidated over the past month, with the biggest liquidation ever took place today.
In the near-term, there are clear on-chain and exchange metrics indicating LINK will continue higher. Crypto analyst Cole Garner today shared his sentiments on Twitter that explain why Chainlink will continue to rally in the days ahead.
He argues that this will be the case as the number of LINK held on exchanges is dropping, meaning there is less potential sell pressure.
Moreover, on-chain Chainlink volume is not even close to previous historical highs while there has been an influx of new money into the LINK market.
To add to the bullish sentiment, Blockchain analytics firm Santiment revealed last week that according to their data, LINK has continued to see record-high daily active addresses, indicating that the network has been extremely busy.
This points to LINK prices surging in the coming days as the mainstream adoption of ChainLink gains momentum.
Tezos (XTZ) Rallies 10%
There were strong gains in XTZ against the US Dollar in the last few trading sessions, with the digital token reaching a new monthly high.
Tezos’s price started a strong increase from the $2.450 support level, and bulls could clear the $2.750 resistance levels to open doors for more gains above the $3.000 level.
The price surged to a new monthly high at $3.050 before it gained slightly to change hands at $3.052.