Why Is Chainlink (LINK) Price Rising Today?

Chainlink’s price is soaring to a monthly high after a 7% gain today. This boost is due to the excitement around the Ethereum ETF and Chainlink co-hosting the Consensus conference with SWIFT.

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Chainlink’s price is climbing, with a 7% surge in the last 24 hours, reaching a monthly high of $18.82 just a few hours ago. After a slight dip, LINK is now at $18.18 with a market cap of $10.6 billion. The altcoin is showing bullish signs as trading volume has increased by 143%, suggesting further potential gains. In this blog, we’ll explore the reasons behind Chainlink’s price boom today.

Reasons Behind Chainlink’s (LINK) Price Surge

Chainlink is among the top 15 cryptocurrencies on CoinmarketCap based on its market capitalization. Recently, the LINK price rose to as high as $21.75 following bullish market conditions in March, showcasing its potential. But what is driving today’s price rally?

There are two main factors. First, Chainlink’s partnership with Swift payments at the Consensys conference in Austin, Texas, this week. This conference, co-hosted by Chainlink and Swift, an international payments platform, will be attended by over 15,000 people from more than 100 countries. The news of this collaboration has led to a bullish reaction from LINK holders.

15,000+ people from 100+ countries are attending @consensus2024.

We are excited to be on the ground with multiple events and experiences, including a @SergeyNazarov keynote and a fireside chat with Swift.

Plan your schedule around everything Chainlink ⬇️https://t.co/pmL1CgeoJZ pic.twitter.com/WwSqUJsg2H

— Chainlink (@chainlink) May 27, 2024

Additionally, the Chainlink network completed 12 updates for its six services across nine blockchains, including Arbitrum and Ethereum. This progress has further boosted investor confidence.

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⬡ Chainlink Adoption Update ⬡

There were 12 integrations of 6 #Chainlink services across 9 different chains: @arbitrum, @base, @ethereum, @LineaBuild, @MetisL2, @Optimism, @0xPolygon, @Scroll_ZKP, and @zksync.

New integrations include @DistribGallery, @EnoToken,… pic.twitter.com/xXj0Y89txC

— Chainlink (@chainlink) May 26, 2024

Most importantly, the bullish rally following the Ethereum ETF approval has increased demand for altcoins, including Chainlink. This approval has also opened the door for other ETFs to enter the market. As Chainlink co-founder Sergey Nazarov stated, “It’s really just the beginning. It is a sign of a very clear trend that not only Bitcoin, not only ETH, but many other tokens out in the world will end up getting their own ETFs at some point, allowing the larger global capital markets to interact with that financial product.”

Chainlink’s Potential for a Significant Price Surge

Chainlink, a prominent player in the crypto industry for six years, has experienced notable fluctuations in its price. During the 2021 bull run, LINK reached its all-time high of $52.88, significantly higher than its current value by 65%.

Analysts now foresee a substantial resurgence in LINK’s price. Michael Van de Poppe, among others, predicts a potential surge of 150% to 300%. According to his analysis, Chainlink has recently surpassed a crucial support level, signaling a bullish trend for the altcoin.

#Chainlink woke up from the crucial area of support.

Likely, there's going to be continuation and the low is in.

From this point, I wouldn't be surprised with at 150-300% price increase. pic.twitter.com/ulweEUpAYV

— Michaël van de Poppe (@CryptoMichNL) May 27, 2024

As the cryptocurrency stands at only one-third of its peak value, it remains to be seen how Chainlink’s price will evolve amid expectations of a 300% increase.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

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