Among today’s top gainers in the cryptocurrency world is Chainlink (LINK 2.86%), with the oracle network up 1.7% over the past 24 hours and up 9.8% since Friday’s close, as bullish bets ramp up on the top-15 crypto by market capitalization.

Importantly, it’s worth noting that the strong move higher Chainlink made over the weekend came after a very pronounced move lower on Friday, as top crypto projects sold off on growing recessionary concerns, which hit most risk assets hard. Outflows from crypto, tracked via data from spot exchange-traded funds (ETFs) as well as from increased liquidations across many derivatives contracts in the sector, drove bearish sentiment in these higher-risk assets as recessionary signals picked up.

However, a recovery in most risk assets over the past weekend has been spearheaded by strong moves in the crypto market, suggesting investors in projects such as Chainlink, which allows for external off-chain price feeds to be integrated into decentralized blockchain-based applications, will see continued strength.

Let’s dive into what’s behind Chainlink’s most recent move.

Bullish predictions ramp up on Chainlink as market sentiment shifts

With investor sentiment improving, it’s no surprise to see some prominent crypto analysts come out in favor of projects like Chainlink, putting forward bullish predictions of where such tokens could be headed. Cryptojack is one analyst that put forward a medium-term price target of $22 per token on Chainlink, which is a notable price target considering this token currently trades at less than $11 apiece at the time of writing.

In other words, this particular analyst sees more than 100% upside from current levels, basing the majority of their analysis on technical factors (which I don’t fully subscribe to). However, the fundamental factors this analyst points out, including the project’s market value to realized value ratio (which recently turned positive after being negative for some time) and strong open interest on exchanges, are factors I think are worth pointing out.

Additionally, over the past three days, short liquidations have far outpaced long liquidations, meaning leveraged positions betting against Chainlink are getting unwound, furthering the price spiral higher for this token.

Where is Chainlink headed from here?

In my view, the market dynamics for Chainlink and other infrastructure-based crypto projects appear to be much stronger today than they have been over the past week. With a recovery in risk assets bleeding into the crypto space, large-cap projects such as Chainlink will likely continue to be among the most liquid assets investors can trade, and could remain among the top options for those taking a long-term view of this sector.

I’m going to continue to watch how Chainlink performs from here, but this weekend move is among the largest I’m seeing of its peer group, so this is a token with momentum I think will certainly be worth putting on the watch list for the next week or two at least.