The Chanlink price has rebounded and is approaching its all-time high as the cryptocurrencies rally gains steam. The LINK price has risen to $31.26, which is just 18% below its ATH of $37.53. It is about 56% above the February low of $20.
What happened: Like all cryptocurrencies, the price of Chainlink dropped sharply in the final week of February as worries of high-interest rates remained. In this sell-off, the price of Bitcoin dropped to slightly above $43,000 while Ethereum fell to almost $1,300. However, in the past few days, the crypto prices have rallied, pushing the total market cap to more than $1.66 trillion.
Chainlink price has also rebounded ahead of its virtual hackathon event where developers will showcase some of their projects. This hackathon will take place on March 15. Some of the key judges for the hackathon will be Sergey Nazarov, the founder of Chainlink, and the founders of Aave, Solana, Plasm Network, and Acala, among others.
On the daily chart, we see that the LINK price has been in an uptrend recently. It has moved above the 25-day and 15-day EMAs, which supports this trend. Also, the price has formed an ascending channel that is shown in purple.
In fact, it has just moved above the lower side of the channel. Therefore, in the near term, the price may continue to rebound as investors eye the all-time high at $37.35. If it manages to ckear this resistance, it will leave investors targeting the next key resistance level at $40.
