Chainlink (LINK) surges 95% in a week; Analysts claim start of altcoin season

While Bitcoin has been trading sideways for more than a month now, several analysts believe that an altcoin season is beginning. Several altcoins have been experiencing wild price swings. However, Chainlink (LINK), the native coin of blockchain data oracle Chainlink has performed impressively over the past week.

LINK  surged by 94.39% over the past week. This rally started on Monday, July 6 when the coin was trading at £3.254. Over the week, the coin gained by 94.39%. As a result of this bullish trend, the coin’s price rose to £6.24 at the time of writing. Over the 24-hour period between Saturday and Sunday, LINK gained 37% to trade as high as £6.52 before it experienced a downward correction to trade at £6.25.

This astronomical rise saw the coin rank up in the CoinMarketCap top-100 list to hold the #10 position. The most recent rally also pushed LINK to a new all-time high. Prior to this, the coin had set a high of £3.77 in March. However, it plunged sharply to £1.44 a few days after March 12.

Factors supporting the rally

Reportedly, one of the main reasons that triggered this rally was a fear of missing out (FOMO) trend among investors. This trend started after the coin started gaining between Monday and Tuesday in the past week. As such, analysts believe that investors might have decided to shift to LINK to make further gains. Due to this buying action, the coin’s price continued to increase.

Apart from FOMO, Chainlink has also entered into multiple high-profile partnerships throughout this year with other companies in the crypto scene. For instance, Chainlink became the oracle solution provider for Nexo, a crypto lender with 800,000 users. China’s Blockchain Service Network also integrated Chainlink’s oracle functionality into its network.

On top of this, the firm also joined hands with Hedera Hashgrpah and Matic Network. Google also mentioned the firm in a blog post dubbed Building hybrid blockchain/cloud applications with Ethereum and Google Cloud.

The fact that BTC’s levels of volatility have decreased significantly over the past two months. As a result, investors have been shifting to altcoins to make more profits.