LINK surges 24% in 7 days: Will the rally continue?

February 6, 2024

By Akashnath S

Edited By: Saman Waris

• Chainlink saw a highly positive social sentiment score over the past weeks.

• It was unclear if LINK bulls could maintain this rally.

Chainlink [LINK] posted gains of 24% over the past week. A post from Santiment on X (formerly Twitter) noted that social engagement was also rising behind certain altcoins, LINK being one of them.

A recent AMBCrypto report noted that stablecoin inflows represented increased buying power in the crypto market.

This, in turn, pointed toward the possibility of altcoins seeing rapid due to the increased buyer dominance.

Investigating LINK’s rally

Since the 17th of November, LINK has traded within a range that extended from $12.85 to $16.6.

On the 1st of February, LINK bulls managed to force a one-day trading session close above $16.6, breaking the range formation.

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