Chainlink’s recent price action closely resembles a sharp pullback in Ethereum in 2017 during the crypto market bull run. If the booming decentralized oracle token continues to follow the top altcoin’s previous trajectory, $75 per LINK token might be possible as its next major peak.
Chainlink Price Action Matches Another Top Altcoin’s Crypto Bubble Momentum
The last two years of a bear market has decimated crypto market valuations, except for Chainlink. The cryptocurrency was born post-bubble pop, resulting in a clean slate over the last two years that have helped keep it climbinging value.
The altcoin was the best performing digital asset last year, seemingly immune to bearish drawdowns powerful enough to take down the likes of Bitcoin and Ethereum.
Related Reading | Chainlink Bull Flag Breakout Could Target $25 By Year’s End
In 2020, Chainlink entered price discovery mode, much like crypto tokens of 2017 did and it was sent soaring to highs five times the previous peak. After that parabolic climb that may arguably still be intact, LINKUSD saw a steep, 60% crash.
But at the bottom of the fall, two sharp V-shaped recoveries took place, one failed, and one holding so far. Interestingly, these deep dives following new highs closely match the stand out star of the last bull run: Ethereum.
