One of the surprises of the digital asset market in May has been Chainlink (LINK), which is eyeing new yearly highs after surging 29% over the past 30 days. Additionally, the market is carefully observing the cryptocurrency’s performance as a possible insight into other altcoin movements.
Cryptocurrency analyst Michael Van De Poppe recently took to X (formerly Twitter) to discuss LINK. Specifically, he noted the asset’s emergence as an indicator and its impending performance. Ultimately, van de Poppe has high hopes for LINK’s direction.
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Chainlink (LINK) to Ride Bullish Momentum to Yearly High?
Throughout the first five months of 2024, the digital asset market has faced some rather interesting developments. From the arrival of Bitcoin and Ethereum ETFs to the surge in meme coin interest. However, one asset has already performed incredibly well and could be set only to continue that growth.
Chainlink (LINK) could be set to rally toward yearly highs amid its 29% surge this month, according to CoinMarketCap. Indeed, it has gained more than 179% from this time last year. Subsequently, it has emerged as an asset that could provide insight into the movement of the altcoin market as a whole.
Taking to X, Michael van de Poppe shared his expectations for LINK. He noted that the asset will be able to catapult in price if it can hold its $16 mark. Currently, the asset is trading above $18 but has experienced a 2% decline in the last 24 hours.
Also Read: Chainlink (LINK) Surges 20% After US Bank Tokenization Pilot
It will be interesting to observe Chainlink’s performance amid the ongoing Ethereum ETF approvals. The investment offering should have a massive influence on the prices of a host of tokens and could see Chainlink set the tone for altcoins.
With Bitcoin’s arrival, the digital asset market surged in overall value seemingly across the board. Although there are some concerns about Ethereum’s potential to do the same, it should still have an effect on overall prices. If it coincides with LINK’s bullish trajectory, it could certainly surge to its yearly high. Subsequently, the altcoin market could then be set to enjoy its own bullish rally.