After a significant decline, the bulls are again pushing Chainlink (LINK) higher in today’s sessions.
LINK corrected lower sharply in yesterday’s trading and declined below $8.000 to form a swing low near $6.841. However, the $7.000 support zone acted as a massive buy zone, causing the 6th ranked crypto to start consolidating gains above $8.000.
This caused LINK to climb again in an uptrend that could see the bull’s aim for a fresh surge above the all-time high level of $8.50 set last week.
As at press time, the 9th ranked digital asset on CoinMarketCap is up by about 15% in the past 24 hours to exchange at $8.0244.
In the near-term, if there is a clear break above the $8.500 mark, the bulls are likely to aim a test of $9.000, with any further gains opening the doors for $10.00.
What is Behind LINK’s Rally?
Chainlink appears to be in a bullish phase from an on-chain standpoint, as seen in the chart below from Glassnode analytics.
The chart, which shows a surge in Chainlink’s total addresses with a non-zero balance, suggests that the LINK rally has been fueled by a mixture of new investors purchasing a huge amount of tokens and experienced investors increasing their exposure.
There has also been a wave of LINK deposits and high volumes in top exchanges, according to Glassnode, leading the analytics firm to note that there is a significant contingent of LINK holders who intend to start and/or keep hodling the asset in the short-term.
Cardano (ADA) Still Has Room for Growth
Earlier this month, Cardano’s price gained bullish momentum above the $0.1200 resistance level and gained over 25%, outperforming Bitcoin.
ADA traded close to the $0.1400 level after forming a new monthly high near $0.1385 before the price started a downside correction. At the time of writing, the popular altcoin is trading at $0.1289.
Despite the token recently plunging by 7% to trade below the $0.1300 level, it still holds key supports and looks likely to resume its surge. In fact, Ryan Selkis, CEO of Messari, argues that ADA still has plenty of room to grow.
The CEO noted that Cardano’s upcoming Shelley is one of the catalysts for the token’s recent surge as investors look for lower staking rates.
Moreover, recent positive news regarding new on-chain development projects from IOHK, and the future addition of Cardano staking capabilities on Coinbase, have added to the ADA bullish sentiment.
All these factors have led crypto analyst Nik Patel to explain in a recent blog post that he sees ADA surging up towards $0.20 in the near-term, as long as it can close above $0.14.