Chainlink's LINK token rose 2.14% over the past 24 hours to $8.85, pushing above the $8.80 level and extending a weekly gain that now stands at 10%. The move puts LINK among the top-performing cryptocurrencies in the market this week, with Bitcoin trading above $63,400 as the broader backdrop.
LINK's weekly run
The 10% weekly surge comes after a period of sideways trading for the token. LINK's climb above $8.80 marks a notable break from recent ranges, and the momentum has caught the attention of at least one analyst tracking on-chain metrics.
That analyst expects a further 30% rally for Chainlink, citing a bullish golden cross formation in the MVRV (Market Value to Realized Value) ratio. The MVRV metric is often used to gauge whether holders are in profit or loss, and a golden cross in this indicator is typically read as a signal that selling pressure is easing.
The bullish signal
The golden cross in MVRV is a technical pattern that occurs when a short-term moving average of the metric crosses above a longer-term one. For LINK, this formation suggests that the average holder's unrealized profit is trending higher, which some traders interpret as a precursor to further price appreciation.
It's a signal that has historically preceded sustained rallies for other assets, though past performance is no guarantee. The analyst's 30% target would put LINK in the $11.50 range, a level not seen in recent months.
Market context
The move in LINK comes as Bitcoin holds above $63,400, providing a stable foundation for altcoins to push higher. While LINK's gains are notable, they're happening in a market where several tokens are showing strength.
The timing is worth watching. LINK's weekly performance puts it ahead of many peers, and the MVRV signal adds a layer of technical conviction for bulls. Whether the 30% rally materializes will depend on whether the broader market holds its current footing.
