Chainlink (LINK), a blockchain abstraction layer that enables the democratization of connected smart contracts, is on the precipice of entering the second phase of the bullish cycle towards its prior all-time high (ATH). Chainlink’s price gained around 12 percent in the last five days to trade around $15.95 on Wednesday during the early Asian session.
Chainlink’s price is currently attempting to rally beyond the resistance range between $16.5 and $17.4, which could yield a fresh bull run in the coming weeks. Moreover, the LINK price on the daily time frame has consistently closed above the 50 Moving Average (MA) in the past few days after the bears threatened to push lower. The weekly Relative Strength Index (RSI) aims to rally beyond the 70 level.
LINK Price Rally
According to a popular crypto analyst based in Amsterdam, the Netherlands, Michaël van de Poppe, Chainlink (LINK) price is now ready for the next bull run towards the psychological resistance range between $25 and $30 soon.
The crypto analyst highlighted that the LINK price has attracted significant buyers in the past few weeks. It has accumulated between $12 and $17, following a successful breakout from the bear market consolidation.
Furthermore, the ETH/BTC pair has shown early signs of bullish recovery after being trapped in a correction phase in the past two weeks. Ideally, experts believe the bullish breakout of the ETH/BTC pair is considered the onset of the altseason.