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Over the past week, the cryptocurrency market was not particularly on that impressive streak many investors may have now become accustomed to. However, the large-cap altcoins seem to have woken from their slumber to close the week, with the Chainlink price showing good signs of recovery after falling into a consolidation range.
The price of LINK came flying out the gates to start the week, surpassing the $20 mark again for the first time since March. With the altcoin seemingly back on track, the question on the minds of investors would be — what next for the Chainlink price?
Can LINK Price Return To Its 3-Year High Of $28.5?
In a new post on the X platform, crypto intelligence firm Santiment discussed the promise of the Chainlink price and its newly-found momentum. The prominent on-chain platform highlighted that the altcoin is just a few good performances from recovering a significant price level.
According to Santiment, the price of Chainlink is about 10% from reaching $28.5, a level the cryptocurrency lost as far back as January 2022. The market analytics firm believes that most on-chain signals are pointing to a higher likelihood of reclaiming this price level in the near future.
🔗📈 Chainlink has enjoyed a late-week rally, and now needs to climb just +10.8% to match its 3-year high from January, 2022. It is encouraging that there is very little retail FOMO toward LINK. Markets move the opposite direction of the crowd’s expectations, so the crowd’s… pic.twitter.com/UuKdmMMXWA
— Santiment (@santimentfeed) December 6, 2024
Santiment mentioned that traders have refrained from being overly excited but have rather remained level-headed. On-chain data reveals that there has been little retail FOMO towards the price of LINK following its recent bullish run.
For context, FOMO (fear of missing out) is a sentiment amongst crypto traders that often involves making impulsive investment decisions. As Santiment noted, spikes in crowd FOMO could put downward pressure on prices, leading to abrupt corrections.
Moreover, the crypto market historically moves in the opposite direction of the crowd’s expectations. Hence, the low trader sentiment towards the Chainlink price could prove pivotal in the continuation of the altcoin’s rally to the $28.5 mark.
Chainlink Price At A Glance
As of this writing, the price of LINK stands at around $25.5, reflecting an impressive 10% jump in the past 24 hours. According to CoinGecko, the altcoin’s performance on the weekly timeframe is even more remarkable, with an over 40% rally in the last seven days.
