KEY POINTS
- $LINK traded above $25 at one point Monday before slightly retreating to $24
- The community revived as crypto users discussed $LINK's value in Web2 and Web3 bridging
- $LINK's all-time high was at $52 in 2021, but some users believe it can hit its ATH this alt season
Chainlink (LINK) made a lot of noise on social media Monday as it surged dramatically to trade above $25, marking a significant milestone for the seven-year-old decentralized oracle network.
LINK, the blockchain abstraction layer's native cryptocurrency, has gained over 118% in the last 30 days as per CoinGecko data, and it has had a stellar 37% increase in the past week.
Crypto Twitter Abuzz Over $LINK's Sudden Spike
LINK was a hot topic on X (formerly Twitter) throughout Monday as the digital coin surged above $25 at one point. As of early Tuesday, the altcoin is trading at around $24 but it remains in the green and is expected to climb higher in the coming days amid optimism for what the crypto community calls "altcoin season," when crypto assets beyond Bitcoin perform better.
Many LINK users noted how they struggled for a long time in the lows, but they expect that it is the coin's time to shine.
Impressive volume spike on $LINK 📈
— ⬡ LINK Collector ⬡ (@Crypto_BitC) December 3, 2024
What do “they” know? 🧐
All I will say is, get ready 🤝#ChainlinkFOMOFever has arrived pic.twitter.com/1BiM44b3Sh
Bubbafox, a prominent figure in the LINK community, said that the digital coin's all-time high above $52 back in 2021 will "look like child's play," based on the token's current chart momentum. "Chainlink has always been the chosen 1...the high IQ play," he wrote.
Well-known trader Bluntz said the major breakout in the digital coin Monday will make crypto users realize that they are still early adopters even as the token is already several years old.
major breakout on $link today, all you have to do is take one look at link/btc before you realize that your probs not late and still early.
— Bluntz (@Bluntz_Capital) December 2, 2024
it underperformed pretty much everything for the entirety of the bull run and now seems to be playing turbo catch up.
probably one of the… pic.twitter.com/98pndBZ3hF
"Probably one of the very few I would categorize as a dino coin that isn't complete vaporware," Bluntz wrote. A dino coin is a cryptocurrency that has been in the crypto market for quite some time or was launched in the early years of Bitcoin.
Will $LINK Outshine Others This #AltSeason?
There is much optimism in the crypto community over the upcoming altcoin bull run season, but as has been the case in the past years, only a select number of digital currencies will make a mark.
LINK's price surge is associated with recent activity on Chainlink, including its upcoming appearance at the Abu Dhabi Finance Week where the blockchain will sign memorandums of agreement (MOUs) with key partners.
Earlier on Monday, 21X, Europe's first tokenized securities trading and settlement system, announced it was adopting the Chainlink standard, positively affecting the asset's price.
If you think Chainlink is “just an oracle” for DeFi price feeds, then you have some catching up to do $LINK connects banks to blockchains
— Zach Rynes | CLG (@ChainLinkGod) December 2, 2024
Verifiable, public adoption of Chainlink by the world’s largest financial institutions pic.twitter.com/N4Y9YzOWUU
Zach Rynes, Chainlink's community liaison, noted that if there are still people who think the network is "just an oracle" for decentralized finance (DeFi) price feeds, they must be aware that LINK "connects banks to blockchains."
An oracle network is critical in bridging blockchain ecosystems with real-world data. One X user agreed that Chainlink's ability to bridge traditional banking systems on-chain makes the network crucial in bridging the Web2 and Web3 gap.
It remains to be seen whether projections of LINK reaching its all-time high and even surging beyond it will come into fruition, but so far, the spiking crypto asset is basking in the glory of its ascent following a year of trading in the lows of $20 and $15.
A crypto whale just snapped up $6.68 million worth of LINK overnight – a good signal for a dino coin that seemed to have been outshined by the ascent of other blockchains and popular coins in the past years.
