Nick Chong · 3 days ago · 2 min read · Insights via Grayscale Investments
Chainlink › Analysis
Chainlink is “taking a shot” at another breakout as community growth skyrockets
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The aggregated crypto market has seen another notable upswing today, and Chainlink is once again leading the way.
Today’s bullish LINK performance comes as the crypto attempts what analysts are describing as another breakout rally that could allow it to begin its journey back up to its early-2020 highs.
This momentum may be driven in part by the incredible community strength that has been established around Chainlink, even leading one billionaire Bitcoin advocate to praise the altcoin’s fervent supporters.
Chainlink attempts another breakout as it leads market-wide rally
At the time of writing, Chainlink is trading up over 6 percent at its current price of $3.70, which marks a notable upswing from daily lows of $3.45 that were set around this time yesterday.
LINK’s upswing today has marked an extension of the momentum that was first incurred on April 16th when the crypto surged from lows of $3.00.
This came about in tandem with BTC’s rally from $6,600, although Chainlink has been firmly outperforming the benchmark cryptocurrency in the time since.
The only peer that has rivaled Chainlink’s mid-term momentum is Tezos, which is currently trading up nearly 10% against USD and 7% against its Bitcoin trading pair.
One analyst on Twitter who goes by the name Big Cheds stated that today’s LINK rally marks the crypto “taking a shot at breaking out” while referencing the chart seen below.
Will growing community strength bolster LINK?
Tyler Winklevoss, the co-founder and CEO of Gemini and a prominent Bitcoin advocate, explained in a recent tweet that he “appreciates the passion” of the LINK community, noting that they are dedicated to a project with “real promise.”
“I really appreciate the passion of the LINK Marines. Their fervor and dedication reminds me of the early Bitcoin and Ethereum communities. Unlike many other crypto armies, they are dedicated to a project that has real promise and technical merit.”
His claims about the strength of the community aren’t unwarranted either, as data from blockchain research and analytics platform IntoTheBlock shows that the Chainlink community has seen tremendous growth in recent times across multiple social platforms.
The data shows a steady climb in the number of Chainlink mentions on platforms like Twitter, Telegram, as well has a stable rise in the number of contributors on the crypto’s GitHub – all signs of a highly active and engaged community.
Will this incredible community strength be enough to push LINK back to its all-time highs of nearly $5.00 though? Only time will tell.