YEREVAN (CoinChapter.com) — Blockchain oracle platform Chainlink’s native token LINK registered a 30% uptrend the previous week, reaching $18 on Feb 2, LINK’s highest since April 2022. The uptrend likely resulted from many factors, including a partnership with Arbitrum.
Why is Chainlink Up Today?
Chainlink recently revealed plans to expand its operations by introducing more secure Oracle networks. Additionally, the blockchain has partnered with various platforms such as NewchangeFX, OddzFinance, and Polkamonorg to facilitate the seamless development of Decentralized Applications (DApps) on its network.
With a 30% increase in LINK price over the past week, Chainlink is aiming for $30 per token. Crypto analyst Michael van de Poppe anticipates the altcoin reaching $25-$30. The collaboration between Arbitrum and Chainlink, announced through Arbitrum’s tweet, further reinforces investor confidence and sets the stage for a potential Chainlink price rally.
In light of these developments, there is optimism regarding Chainlink’s ability to experience significant growth. Moreover, the LINK price surpassed the $16 resistance level. Thus, there is potential for bullish momentum to drive the token towards the $30 target, as predicted by market analyst Michael van de Poppe.
LINK Price Booms After Bull Flag
Why is the Chainlink token up today? It confirmed a technical pattern named the ‘bull flag.’ In detail, a bull flag pattern appears in an uptrend, showing a brief consolidation (flag) following a sharp price increase (flagpole).
To calculate the price target, traders measure the flagpole’s height and project that distance upwards from the flag’s breakout point. This method predicts the next move’s potential magnitude, suggesting where the price might head after breaking out of the flag pattern. In Chainlink’s case, the target for the token would stand at $22, or 20% higher than the current value.
Moreover, Chainlink has demonstrated strong liquidity absorption during recent dips, suggesting it’s gearing for a breakout towards the $25-30 range.
