Chainlink Surges 34.9% in a Month, Eyes $20 Mark

Chainlink, the 12th-largest cryptocurrency by market capitalization, is on a trajectory to reach the psychological price of $20. This surge is driven by a 20.37% increase in its daily trading volume, which hit $551.62 million. The cryptocurrency's momentum is further bolstered by the positive outlook from renowned crypto enthusiast Michael van de Poppe, who recently predicted that Chainlink is poised to run to $20.

Market analyst Stanley Crypto echoed similar sentiments, noting that Chainlink is retesting the breakout zone from the ascending triangle. The price is holding above key support around $16.20, and a bounce here could ignite a move toward the $22.85 target. However, for Chainlink to hit $20, it must breach major resistance at $17.80 and hold the critical support zone at $16.20. As of the latest data, Chainlink was up by 34.9% in the past month, reaching $15.52.

Chainlink's rise is not just about price; it is also about its growing influence in the decentralized finance (DeFi) space. According to data, Chainlink has emerged as the top DeFi project in terms of development. This is due to its role as a blockchain abstraction layer that permits the universal connection of smart contracts, ranking high in developer contributions and GitHub commits. This prominence has led to its selection by top banking giant to settle tokenized U.S. Treasuries, bridging public and private blockchains.

Chainlink's high development activity is further fueled by its integration with various gaming, non-fungible token (NFT), and DeFi projects. This integration has positioned Chainlink as a key player in the DeFi ecosystem, with bullish momentum expected to continue. The surfacing of an inverse head and shoulders pattern further supports this optimistic outlook, suggesting that Chainlink's run to $20 is gaining steam.