Chainlink’s LINK Token Skyrockets 22% in Single-Day Rally

After a week in which Bitcoin dominated the market with its strong performance, this weekend’s top performers in the cryptocurrency market are Chainlink (LINK).

Chainlink's LINK Token Skyrockets 22% in Single-Day Rally
Source:The Block

This follows an extended period of rather quiet trading and sideways volatility in the token’s price. Although many investors were taken aback by the sudden and large increase in Chainlink’s price, this just serves to emphasise how unstable the cryptocurrency market is.

What Happens When Chainlink’s Price Soars 22% in a Single Day?

Chainlink’s price has increased by more than 22% during the past day, per CoinGecko statistics. With LINK’s price surging by double digits over the last day, the cryptocurrency has surpassed $9 and reached a multi-month high.

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On the weekly chart, LINK’s performance is even more noteworthy, having increased by about 30% in the previous seven days.

The price of Chainlink appears to be encountering strong resistance near the $9.5 region, despite the fact that it still holds a sizable portion of its gain.

This illustrates the apprehensive attitude of investors who don’t seem to know if the present advance is a coincidence or a sign of impending bullishness. Still, a cryptocurrency researcher anticipates that LINK will continue to gain traction.

Chainlink’s LINK Token Skyrockets 22% in Single-Day Rally,Chainlink’s LINK Token Skyrockets 22% in Single-Day Rally

Crypto trader Mags said that the price of Chainlink has recently broken out of a consolidation wedge that has been in place for more than a year on X (previously Twitter). The expert predicts that the price of LINK will increase to $12.54 at a closure over $8.2 on the weekly period. This is a noteworthy 30% price forecast over the current level.

Why Has It Been So High For Multiple Months?

Understanding the factors influencing the most recent upswing in the price of LINK may be achieved by delving into the Chainlink network activities. Remarkably, a new report from the on-chain analytics platform Santiment provides information about the network’s activity levels.

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According to Santiment’s statistics analysis, which was published on X, Chainlink has seen a rise in activity in recent days. In particular, this weekend saw notable increases in the network’s whale transactions, active addresses, and trading volume, all of which hit three-month highs.

On Saturday, October 22, LINK witnessed over 220 whale transactions above $100,000, as seen by the highlighted figure. During the same day, about 5,000 distinct addresses interacted with the cryptocurrency. In addition, Chainlink reported LINK trade volume of over 800 million on Saturday.

The subsequent LINK price surge raises the possibility of an accumulation tendency, even if these data points aren’t quite clear about whether purchasing transactions are the most common activity on Chainlink.

Chainlink’s LINK Token Skyrockets 22% in Single-Day Rally,Chainlink’s LINK Token Skyrockets 22% in Single-Day Rally,Chainlink’s LINK Token Skyrockets 22% in Single-Day Rally, LINK coin Crypto news, LINK coin News

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