NEAR Protocol (NEAR) and Chainlink (LINK) Prices Pumping: Here’s Why

As Bitcoin (BTC) continues to reach new all-time highs, the crypto market is witnessing a surge in the prices of various altcoins, particularly NEAR Protocol (NEAR) and Chainlink (LINK). Both projects have seen significant gains in recent days, with traders and analysts sharing their insights on the potential for further upside.

Chainlink (LINK) Closes Above Key Resistance

Crypto trader David recently highlighted Chainlink’s strong weekly close above the $20.07 level, suggesting that the token could soon reach $28. This bullish sentiment is shared by trader Top Marine, who notes that LINK is forming a textbook bull flag pattern, indicating that the “show is just getting started.”

Top Marine has set price targets of $24, then a pullback and a move towards $28.71. Similarly, trader Jake Wujastyk believes that Chainlink is primed for the next “stair step,”  suggesting a continuation of the current uptrend.

However, not all traders are bullish on LINK. Mumu Trader points out that Chainlink has one of the most bearish charts, despite Bitcoin and many altcoins making new all-time highs.

They expect LINK to close the weekly candle below the 2020 highs, providing an easy short opportunity for single digits, with even lower prices possible once the Cross-Chain Interoperability Protocol (CCIP) is delayed, as it was in 2022 and 2023.

Despite the mixed opinions, World of Charts highlights that LINK is running in 210%+ profit and has recently broken a crucial resistance level, expecting another bullish wave in the coming days towards the previous all-time high.

LINK has surged from a 24 hour low of $19.73 to a high of $22.24 before falling to its current price of $21.13.

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NEAR Protocol (NEAR) Revisits Multi-Year Macro Downtrend

NEAR Protocol, a scalable blockchain platform, has also been experiencing significant price appreciation. According to Rekt Capital, NEAR has finally revisited its multi-year macro downtrend, and if the token manages to break above this level, it could further build on its current bullish momentum and potentially revisit its old all-time high resistance area.

Trader Scient has already taken profits on the majority of their NEAR position after reaching their full target, while leaving a 25% “moon bag” that can either go 100x or to zero. Scient has shared two perfect entry points for NEAR since October, one at $1.1 and another at $3.2, resulting in a 7x return so far.

Crypto Thanos believes that large-cap Layer 1 blockchain tokens like NEAR are set to pump just after Bitcoin hits a new high, asking followers if they have already bagged some in derivatives. Similarly, Cryptowzrd is extremely bullish on NEAR, stating that the token is “ON FIRE” and that there’s way more to come, with $8.00 being the next target.

As the crypto market continues to rally, with Bitcoin leading the charge, altcoins like NEAR Protocol and Chainlink are experiencing significant price appreciation. Traders and analysts are sharing their insights on the potential for further upside, with some setting ambitious price targets for both tokens.

However, it’s essential to keep in mind that the crypto market is highly volatile, and not all traders share the same bullish sentiment. As always, investors should conduct their own research and exercise caution when making investment decisions.

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Vignesh Karunanidhi
Vignesh Karunanidhi

Seasoned crypto writer with deep passion for blockchain and cryptocurrency