SHORTCUT had a decent rally towards the end of last month and was trading just above the $ 18 level at press time. The price of the old rose 6% in 24 hours and 13.65% in the last 7 days as it occupied a strong position at # 15 among the top 20 cryptocurrencies in the market.
The Altcoin had rallied from early 2021 to May 2021, when the price rose from $ 11.87 on Jan 1st to a high of $ 52 in May 2021, gaining 13% last week.
However, analyst Michael Van de Poppe pointed out that an alternate season could be imminent. Could this alternate season put LINK in a stronger position?
Analyst and YouTuber Aaron Arnold mentioned that Chain link was one of the strongest alts in your wallet for July 2021. He took a long-term approach and maintained a more bullish sentiment for the Alt. He said,
“What Chainlink has done since its inception is undeniable, from integration to ecosystem. As long as cryptocurrency and Bitcoin if you are in a bull market (which I believe it is) Chainlink will do very well. ”
The Youtuber based his opinion on the number of integrations by Chainlink, which was 617 at the beginning of July, and the rapid growth of the network.
#Chain link has another month of integrations, 52 of which were announced in June! 🔥
We broke 600 and are now 617 in total!
See everything at https://t.co/qtPhabenr3Xp and a summary on @ChainlinkTodayhttps://t.co/MrAovIddE7
– TheLinkMarine 2.0 🦆🦆 (@ TheLinkMarine1) July 2, 2021
Additionally, Arnold quoted the ChainLinkGod.eth 2.0 analyst on Twitter, who pointed out that Chainlink price feeds had been live on the mainnet for over two years, increasing from 1 feed to 247 (24,600%).
#Chain link Price Feeds have been live on the mainnet for over two years and have increased from 1 feed to 247 (24,600%).
During this time we have seen #DeFi TVL climbs from $ 530 million to $ 86,000 million at peak (16,000% increase)
This is no coincidence, the DeFi economy runs on Chainlink oracles pic.twitter.com/3OH1Nm80Wa
– ChainLinkGod.eth 2.0 (@ChainLinkGod) July 2, 2021
While all of this was a good argument in favor of the top oracle project Chain link, pointed out Poppe in a recently published Video that LINK recently saw bearish rejection, triggering its slight downward movement and leading the Alt-Test to lower lows. The analyst further indicated that Chainlink is currently showing weakness. He said:
“They want the LINK / BTC pair to break through 50,000 sats to 61,000 sats once this scenario is met and a higher low is reached and a 45% rally up can be expected. Once this is done, LINK can target 100k Sats Resistance.
However, it is analyst not discarded the idea of healthy growth for the old in the future, saying,
“Chainlink should consolidate a bit before an outbreak in which the critical resistance zone is around 60,000 sats.”
While Chainlink had a decent rally and its trading volume and price increased, sentiment within the chain continued to decline stay bearish. However, amid the discussions about Chainlink 2.0, the price of the old could see big increases in the future.
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