Chainlink price broke out of its multi-week barrier during the intra-day trading hours on April 14. With multiple altcoins breaking out this week thanks to Bitcoin and Ethereum’s lead, it seems like profits might be on the way. And investors are not shying away from claiming them either.

Chainlink price noted an 8% increase in price over the last 24 hours and the altcoin even reached $7.9 at its highest. This rise led to investors selling some of their holdings for profit as about 650,000 LINK worth over $5.06 million were moved back into the exchange wallets.

This reaction is not particularly surprising as LINK holders were bound to make a move since they had been accumulating throughout the month of March. In the span of 31 days, more than $95.3 million worth of tokens were acquired by investors who were preparing for a potential rally.

Chainlink price is susceptible to a rally, and if the altcoin moves per expectations going forward, LINK could even shoot up to the range of $15 to $20.

The rally would have a lot to do with the biggest cryptocurrency in the world, Bitcoin itself. Since BTC has breached the $30,000 mark and it is forecasted to continue its rally, it could have an impact on LINK too. The altcoin holds a correlation coefficient of 0.77 with BTC, which suggests Chainlink could follow Bitcoin’s lead.

LNK/USD will be stepping out of correction soon for more hikes

Apr 16 2023