Chainlink Price Hits 2-Year High: What’s Next for LINK Bulls?

• Chainlink has experienced a substantial 15% price surge in the past 24 hours.
• Dormant wallets awaken, contributing to the 5.38 billion Age Consumed spike.

Chainlink, an Oracle service provider shown a remarkable display of strength over recent days. Over the last 24 hours, the LINK price has surged by 15%, reaching $17.93, with a market cap of $10.8 billion. This surge follows a week of impressive gains, where LINK has outshone every major altcoin, boasting a 30% increase.

Notably, this upward trajectory is accompanied by significant on-chain activities, according to an analysis by Santiment, a prominent on-chain data provider. The data reveals that previously dormant wallets have sprung to life, contributing to the highest Age Consumed spike for Chainlink, measuring 5.38 billion.

Furthermore, the analysis indicates that the Chainlink network witnessed minor liquidations of wallets, a phenomenon often associated with Fear, Uncertainty, and Doubt (FUD). While liquidations can increase price volatility, paradoxically, they may lead to further price rises as investors seize market opportunities.

What’s the Next Stop For LINK?

Looking ahead, the price movements of LINK present a bullish outlook. The 9-day exponential moving average (EMA) currently positions itself below the trading price at $15.87. The daily Relative Strength Index (RSI) stands at 68.92, nearing the overbought condition. 

LINK Price Chart , Source: TradingView

If the bulls continue to dominate, the price may surge further to $20 and $23.4. Conversely, if bears take control, a pullback to $14.6 and $13.4 could be anticipated.