The cryptocurrency market has certainly struggled in recent weeks. However, that changed for a number of altcoins on Wednesday. Indeed, among the biggest bounce-back acts was Chainlink (LINK), which rebounded as much as 25% amid an overall market recovery, leading many traders to ask, Why?
The token has been one of many that struggled to find a way out of a period of stagnation in recent weeks. During its increase, LINK was able to break through the key $15 support. Now, all eyes are on where it goes in the near term and if this bullish reversal could form some legs.
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Chainlink Jumps As Much as 25% as Market Bounces Back
The cryptocurrency industry has experienced a transformative year so far. Even though that has not been reflected in the price of the assets, the regulatory standard is continuing to change. This week, US President Donald Trump is expected to unveil a Bitcoin reserve strategy at the country’s first-ever White House Crypto Summit.
Wednesday also saw a host of cryptocurrencies rebound to notable levels. Cardano (ADA) and Pi were among the biggest winners, but all pale in comparison to Chainlink, as LINK rebounded as much as 25% in leading the market recovery.
Also Read: Chainlink (LINK): Bears Take Control, LINK’s Future Bleak?
By midday, the token’s increase had settled to around 11% over the last 24 hours, according to CoinMarketCap. Moreover, it was closing gin on $16.50, reversing what is a 22% decline over the least 30 days. One big reason for its increase is increased whale activity in February.
Indeed, the top 1,000 Chainlink addresses added a remarkable 2 million LINK worth $30 million to their portfolio. Additionally, growing investment in the asset class has inspired hope that the market is poised for a breakout. Michael Saylor’s Strategy and Metaplanet resumed buying Bitcoin. That was likely to inspire some confidence in traders
Now, the question is, just what’s next for Chainlink? According to cryptocurrency price prediction platform CoinCodex, LINK will end March with a $18 high. That will increase the following month, as it is expected to increase 45%, reaching a high of $23.