What is Driving The Chainlink (LINK) Rally – Is It The Latest Development?

Chainlink (LINK) has graced the top gainers chart today after touching a monthly high of $18.82. Impressively, Chainlink maintains its status as one of the top fifteen cryptocurrencies listed on CoinMarketCap.

LINK is trading at $18.11, with a 5.1% increase in the last 24 hours. LINK rallied to a high of $21.75 following the bullish sentiment in March. However, its price dropped to $13 after the market-wide frenzy quieted down.

Its performance over the past 24 hours directly contrasts the broader crypto market, where coins like Bitcoin and Ethereum play in the red.

Chainlink Partnership and Other Factors Support Ongoing Rally

Two main factors are driving Chainlink's rally. One is the partnership with the international payment platform Swift Payments, and the second is the buzz around the recently approved spot Ethereum ETFs.

Chainlink's partnership with Swift Payments is an indicator of its ecosystem growth. An announcement on 27 May shows Chainlink and Swift will co-present the upcoming Consensys conference, which will attract over 15,000 people from over 100 different countries.

Sergey Nazarov, Chainlink's co-founder, will deliver a keynote address and a fireside chat with Swift. The event will begin today, May 28, and end on May 31, and it promises to deliver enriching content to attendees.

The main focus will be tokenization, the Chainlink/Swift partnership, and vital issues facing Web3 developers. This event will take place in Austin, Texas, the United States, and will be attended by crypto investors and enthusiasts.

Also, the Chainlink network has completed twelve updates for the six Chainlink services offered on nine blockchains, including Ethereum, Arbitrium, Base, Optimism, and Polygon. These updates will boost cross-chain interactions and likely attract more investors, increasing the price of the blockchain.

Furthermore, the Ethereum ETF approval rally has driven the demand for altcoins affiliated with Ethereum, such as Chainlink.

According to Chainlink co-founder Nazarov, the ETH ETF approval has instilled hope that altcoins can also create ETF products. Nazarov says it's the beginning of more wins for altcoins across the crypto industry.

Analyst Predicts Chainlink Possible Price Movement

While Chainlink shows slight gains today, it is still not close to its all-time high of $52.70, which it attained in 202 1. Despite recording many downtimes, LINK has demonstrated resilience since its launch in 2017, reflecting its bullish potential.

Popular analyst Michael Van de Poppe believes LINK is set for a 150%- 300% surge in the coming months.Based on Poppe's analysis, LINK has crossed a vital support level and is set for a bullish run. Therefore, he believes that the current price is the cycle low and will rally even higher.

Nevertheless, seeing a drastic price increase ahead for LINK is quite challenging. However, note that Chainlink has gained just 179% on the year-to-date timeframe.

The exciting partnership and developments in the ecosystem could trigger a more profound rally for LINK.Additionally, the current market conditions are pretty favorable for an altcoin rally. So, LINK appears poised for extended rallies in the coming months.

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