One of the surprises of the digital asset market in May was Chain link (LINK), which is eyeing new yearly highs after rising 29% in the past 30 days. Furthermore, the market is carefully observing the cryptocurrency's performance as a possible insight into other altcoin movements.
Cryptocurrency analyst Michael Van De Poppe recently went to X (formerly Twitter) discuss LINK. In particular, he noted the rise of the asset as an indicator and its upcoming performance. Ultimately, Van de Poppe has high expectations of the direction of LINK.
Also read: Chainlink Hits Highest Earnings Ratio Since 2022: Can LINK Reach $20 in June?
Chainlink (LINK) Set to Take Bullish Momentum to Yearly High?
During the first five months of 2024, the digital asset market has seen some rather interesting developments. From the arrival of Bitcoin and Ethereum ETFs to the surge in interest in meme coins. However, one asset has already performed incredibly well and could only continue that growth.
Chainlink (LINK) could soar to yearly highs amid this month's 29% surge, according to CoinMarketCap. Indeed, it is up more than 179% from this time last year. It has subsequently emerged as an asset that could provide insight into the movement of the altcoin market as a whole.
In conversation with X, Michael van de Poppe shared his expectations for LINK. He noted that the asset could catapult in price if it can hold the $16 mark. Currently, the asset is trading above $18, but it has experienced a decline of 2% in the last 24 hours.
Also read: Chainlink (LINK) rises 20% after US bank tokenization pilot
It will be interesting to observe Chainlink's performance amid the ongoing Ethereum ETF approvals. The investment offering should have a huge impact on the prices of a large number of tokens and could see Chainlink set the tone for altcoins.
With the advent of Bitcoin, the overall value of the digital asset market seemingly rose across the board. While there are some concerns about Ethereum's potential to do the same, it should still have an effect on overall prices. If it coincides with LINK's bullish trajectory, it could certainly rise to its yearly high. Next, the altcoin market could enjoy its own bullish rally.