In the midst of a market correction, Chainlink (LINK), the mid-cap altcoin with a fully diluted valuation of around $15 billion, has managed to establish a solid support range between $12 and $13. Over the past two weeks, the token has rebounded by more than 6%, trading at around $14.8 during the early New York session on Monday.

However, the ongoing crypto regulatory crackdown by the United States Securities and Exchange Commission (SEC) has weighed heavily on the bullish sentiment. The latest development saw the SEC issuing a Wells notice to Robinhood Markets regarding its crypto business.

Despite these challenges, a popular crypto analyst, Michaël van de Poppe, believes that Chainlink price is poised to rally to a new all-time high (ATH) after a successful retest of a bullish breakout against the U.S. dollar. The analyst further noted that the LINK price has been retesting its cycle bottom against Bitcoin (BTC) in the past few weeks.

Poppe suggests that once the LINK price successfully breaks out of a horizontal consolidation in the coming weeks, the altcoin is well-positioned for a nearly 10x rally. To maintain this rising momentum, the LINK price must consistently close above $18.

The Chainlink network, through its cross-chain interoperability protocol (CCIP), has grown into a respectable web3 platform, enabling the seamless tokenization of real-world assets. The Chainlink oracle data sets are utilized by numerous web3 platforms, such as AAVE and Synthetix, with the network taking pride in enabling more than $10 trillion in transactions.

In the current market landscape, where regulatory uncertainty looms large, Chainlink's robust infrastructure and growing adoption make it a compelling choice for investors seeking to capitalize on the potential of the altcoin market.