Chainlink Price Skyrockets 34% in Weekly Shift Amid Altcoin Volatility

Chainlink (LINK), the 11th-ranked crypto asset, has been on an impressive bullish rally. In the last seven days, LINK has surged by a massive 34% in price gain. This is despite the prevailing altcoin volatility on the broader cryptocurrency market.

LINK price breaks key resistance and gains momentum

According to CoinMarketCap data, within this period, the token climbed from around $16 to over $23. As of press time, Chainlink’s price was trading at $23.19, which reflects a significant 6.51% uptick in the last 24 hours.

Investors are also actively engaging the asset, with trading volume up by 6.07% at $1.51 billion. The sustained interest comes as the LINK price flipped the $21 psychological resistance level, with technical indicators still favoring it.

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Notably, Chainlink has shifted from its consolidation phase to a bullish rally with its Relative Strength Index (RSI) at 65.71. It is a clear indication that LINK still has room for growth before it slips into overbought territory.

Additionally, the asset is benefiting from Ethereum’s bullish momentum. Within this period, the Ethereum price has breached the $4,400 level and maintained a steady hold as it eyes setting a new all-time high (ATH). The momentum has rubbed off on ETH-linked assets like Chainlink.

Whale accumulation drives bullish sentiment

As U.Today reported, Chainlink appears to be in the middle of a retest that could push it past $28. Ali Martinez, a renowned on-chain analyst, highlighted that a retest was at play as the asset breaks through key resistance levels.

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With the price currently above $23 and on an upward trajectory, investors are hoping that LINK measures up to Martinez’s prediction.

Worthy of mention is that Chainlink’s large holders have played a significant role in the current rally. These large holders in the ecosystem started the month of August with aggressive accumulation into their portfolio, increasing by 868% in whale moves.