Chainlink (LINK) Could Reach New Yearly Highs: Crypto Analyst

• Crypto analyst Ali Chart says LINK could reach new yearly highs. 
• The analyst said the token is in a demand zone, ranging between $13.80 and $14.20. 
• LINK edged higher in the last 24 hours, with trade volumes also seeing significant increases.

In a recent post, crypto analyst Ali Charts predicted altcoin Chainlink (LINK) could peak at new yearly highs following recent sustained positive performance. 

The analyst referenced a snapshot that showed that LINK is currently in a demand zone, ranging between $13.80 and $14.20. Furthermore, the analyst noted that 11,470 wallets hold a substantial 23.5 million tokens within this range. 

“With minimal resistance ahead and solid support below, remaining above this zone could pave the way for $LINK to climb to new yearly highs,” he stated.

Turning to the cryptocurrency market tracking website CoinMarketCap, data shows LINK has edged higher in the past 24 hours as of writing. However, the token has seen a 2.94% decline on the weekly price chart. The recent decline has, however, offset significant gains of over 52% recorded in the past 30 days. 

LINK trade volumes continue to register healthy upward trend volumes. In the past 24 hours, the token has registered over $898 million in trades, a 30% increase over the previous figure. With a market cap of $7.87 billion, LINK is the 12th-largest crypto by market cap.

It bears mentioning that LINK’s upward surge started in late October, ahead of the recent Bitcoin-fueled crypto market rally. At that time, the token had risen from a low of $7.3 to hit a peak of $16.42 on November 12.

Recently, Chainlink announced a collaboration with Swift and 12+ other leading financial institutions. The collaboration demonstrates the ability to transfer tokenized value securely across blockchains, both securely and efficiently.