After being trapped in a market correction in the past few weeks, Chainlink (LINK) price has established a solid support range between $12 and $13. The mid-cap altcoin, with a fully diluted valuation of about $15 billion, has rebounded more than 6 percent in the past two weeks to trade around $14.8 on Monday during the early New York session.
However, the continued crypto regulatory crackdown by the United States Securities and Exchange Commission (SEC) has significantly weighed down on bullish sentiments. In the latest update, the US SEC issued Robinhood Markets with a Wells notice regarding its crypto business.
Chainlink Price Revs Ahead of Major Uproar
According to a popular crypto analyst Michaël van de Poppe, Chainlink price is currently preparing to rally to a new all-time high (ATH) after a successful retest of a bullish breakout against the U.S. dollar. The crypto analyst further pointed out that the LINK price has been retesting its cycle bottom against Bitcoin (BTC) in the past few weeks.
After LINK price successfully breaks out of a horizontal consolidation in the coming weeks, Poppe believes the altcoin is well poised for a nearly 10x rally shortly. Having formed a daily reversal pattern against the US dollar, LINK price must consistently close above $18 to defend a rising momentum.
Why Bet on LINK
The Chainlink network, through the cross-chain interoperability protocol (CCIP), has grown to a respectable web3 platform enabling seamless tokenization of real-world assets.
The Chainlink oracle data sets are used by dozens of web3 platforms such as AAVE, and Synthetix, among others. Remarkably, Chainlink network takes pride in more than $10 trillion enabled transactions.