Chainlink's native token LINK has surged past $28, marking its highest price level since January 2022. The cryptocurrency experienced an impressive 20% rally in the last 24 hours, reigniting market optimism.
The latest price surge has driven futures open interest reaches an all-time high of $770.27 million, indicating growing participation from traders and investors in the market.
While small holders have reduced their positions, large investors continue to show strong interest. Data reveals that wallets holding over 100,000 LINK tokens have accumulated more than 5.6 million tokens within just two months. Currently, 524 wallets hold between 100,000 and 1,000,000 LINK tokens.
The technical indicators present a mixed outlook. The Relative Strength Index (RSI) stands at 66, pulling back from the overbought territory above 70. This suggests the rally may face some resistance in maintaining its current momentum.
Looking ahead, market analysts note that LINK needs to clear the $29.50 resistance level to continue its upward trajectory. If successful, predictions indicate potential gains of up to 80%, which could push the token toward its previous all-time high of $52.50.
However, short-term price consolidation remains possible. Key support levels at $26.90 could prove critical if the current rally loses steam. The market's direction may largely depend on sustained institutional interest grows and Bitcoin's stability in the coming weeks.
For now, LINK stands less than 8% away from the psychological $30 mark, a level it hasn't touched since November 2021, as traders closely monitor whether this rally marks the beginning of a larger uptrend.