Chainlink (LINK) close to a new historical high – Find out here the 3 reasons for this rise

Chainlink (LINK), a blockchain network of intelligent contracts, is approaching its historical peak after the altcoin broke today, reaching an increase of 11% at the time of this writing.

The altcoin first reached a record $5.10 in July 2019 before falling to $1.35 during the black Thursday market correction on March 12. In the last two weeks, LINK has gained 33% and if the price exceeds its previous record high, there is room for price discovery.

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The three factors that probably triggered the increase in LINK are Ether’s upward price action (ETH), LINK’s upward technical structure and the team’s recent association with China’s national Bitcoin Loophole service network.

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Ether’s Rise Pushes Altcoins Higher
In the last 48 hours, the price of ETH increased by almost 9%, from $227 to $244. This overnight rise led Tezos (XTZ) and LINK to recover after a week of side trading.

Both XTZ and LINK recovered by three digits in the last year, while many cryptos declined by 50% to 95% from their historical highs in the same period.

According to data from Cointelegraph Markets and CoinMarketCap, LINK is now only 3.37% of its historical high. In fact, most of the stablecoins and assets involved have not declined by more than 10% from their historical highs, while major cryptosystems such as Bitcoin (BTC) and Ether remain far from their historical highs.

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A favourable technical structure

The term „price discovery“ is often used when the price of an asset exceeds its record high. That is, when an asset is in this phase, it is difficult to determine where its next peak will be and this opens up the market for speculation.

When the price of a crypt-currency approaches an all-time high, it tends to show significant volatility. Sellers try to avoid price discovery, while buyers will try to move forward.

Cointelegraph contributor Michael Van de Poppe said that if LINK remains above $4.30, the likelihood of seeing a new historical high will increase. In private comments, Van de Poppe said:

„LINK is still trading in very bullish construction. The region between 4.70 – 5.00 has been acting as resistance several times, which makes a breakout likely in this case. A crucial area to hold is the 4.20 – 4.30 support level. If that remains a support level, I expect a new historical high for LINK, I wouldn’t be surprised if it rises to the $6.50 – $7.00 region from here.“

Another factor contributing to the rise in LINK’s price is the current stability in Bitcoin’s price and a prolonged recovery of Ether, this would probably lead to additional buying pressure on LINK.