Chainlink (LINK) Eyes Breakout: Gains Momentum Amid Positive Fundamentals

•Chainlink (LINK) is in the midst of a potential breakout from a long-term consolidation range, driven by numerous DeFi protocols integrating their systems with Chainlink’s price feed oracles.
•The LINK ecosystem has seen significant positive developments, with daily trading volume surging by nearly 187% over the past 24 hours.
•Crypto analyst Michael van de Poppe believes that these bullish indicators will sustain in the near future, projecting an expansion of LINK’s price towards $15 after a recent forced liquidation below the lower consolidation range border.

Chainlink (LINK) Gains Momentum

Chainlink (LINK) is in the midst of a potential breakout from its more than 15 months consolidation range, triggered by numerous DeFi protocols integrating their systems with Chainlink’s price feed oracles and decentralized data node operators contributing to secure and scalable provision of independent data. As a result, LINK’s daily trading volume surged by approximately 187% in the past 24 hours, reaching around $562 million. Crypto analyst Michael van de Poppe forecasts an expansion of LINK’s price towards $15 after a recent forced liquidation below the lower consolidation range border.

Positive Fundamentals for Chainlink

The fundamentals for Chainlink appear to be strong as the integration of its systems has become almost essential for any new DeFi protocol launch due to its reliable and secure data nodes. Additionally, on the daily time frame, Link finds support from 50 & 200 moving averages which have served as crucial levels. This further reinforces Van de Poppe’s expectation that Link could easily rally beyond $9.5 if Bitcoin’s price drops below $30k again soon.

XRP Case Triggers Positive Outlook

Recent developments in altcoin market due to XRP case last week have experts believing that ChainLink’s price could secure a breakout in coming months and reach up to $15 mark estimated by Van der Poppe given Bitcoin remains above critical support at around $30k level.

More Accumulation Ahead?

The LINK army has been accumulating in horizontal range since May last year without any clear breakout yet but it is important to note that this accumulation might prove crucial before any major surge can take place as it confirms conviction among investors regarding upside for chain link hence such accumulation should not be overlooked while drawing conclusions regarding future trajectory of LINK prices .

Final Thoughts

It appears that ChainLink continues to be one of most sought after cryptocurrency asset among investors both retail and institutional alike and largely depends on bitcoin actions which are currently holding critical support at around 30K level . With numerous DeFi protocols Integrating their systems with chain link and increasing daily trading volumes along with strong fundamental backdrop , analysts believe that Link can easily surge beyond 9$ provided bitcoin holds above 30K mark .