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Chainlink (LINK) has been on the radar recently, especially after a quiet phase marked by stagnant price trends. Over the past weekend, it distinguished itself from the crowd by registering an impressive surge, emphasizing once again the unpredictability of the cryptocurrency sphere.
Breaking the $9 Barrier: Chainlink’s Recent Performance
Recent statistics from CoinGecko reveal a whopping 22% leap in Chainlink’s value within a single day. The significant spike saw LINK price rise beyond the $9 threshold on Gate.io, its highest in several months. A glance at the week-long data shows LINK’s commendable climb of almost 30%.
However, not everything seems rosy. The digital currency is meeting some resistance as it approaches the $9.5 mark, reflecting the market’s mixed feelings. Is this sudden surge a mere anomaly, or is it a positive sign? Many are optimistic, like a certain crypto expert who anticipates a continued upswing for LINK.
Sharing insights on a platform known as X, crypto enthusiast Mags observed that Chainlink’s recent price trajectory broke free from a consolidation pattern that lasted over a year. Mags speculates that if the weekly closing stands above $8.2, LINK might soar to $12.54, a significant 30% increase from its present value.
At the time of writing, LINK stands at $9.96 and data from CoinGecko also notes an incredible 468% boost in LINK’s 24-hour trading volume. It is also important to note that the spike in Chainlink price took place before the Uptober bull run. The run itself has pushed the price from its newly found $9 support, all the way to the $10 mark. This signifies that LINK price is most likely in between its new price levels, which it won’t drop from in the foreseeable future.
Unraveling the Reasons Behind Chainlink’s Price Surge
To comprehend what’s propelling LINK’s recent price ascension, one must delve into Chainlink’s network activities. An analysis by the on-chain intelligence platform, Santiment, provides valuable insights.
A recent report on X by Santiment unveils that Chainlink has shown heightened activity in the last few days. The network’s metrics – from whale transactions to active addresses – soared to a three-month pea
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Author: Crypto Daily
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