Chainlink, a leading Oracle service provider, has displayed remarkable strength in recent days, with its price surging by an impressive 15% in the last 24 hours. As of now, LINK is trading at $17.93, boasting a market cap of $10.8 billion. This surge comes on the heels of a week of outstanding gains, outshining other major altcoins with a notable 30% increase.
The surge in Chainlink’s price is not just a standalone event but is accompanied by significant on-chain activities. According to Santiment, a renowned on-chain data provider, previously dormant wallets have become active, contributing to the highest Age Consumed spike for Chainlink, measuring an impressive 5.38 billion. This surge in on-chain activities is a positive sign for the LINK community, indicating renewed interest and engagement with the cryptocurrency.
What’s Behind the Surge: Fear, Uncertainty, and Doubt (FUD)
The on-chain analysis also reveals minor liquidations of wallets within the Chainlink network. While wallet liquidations are often associated with Fear, Uncertainty, and Doubt (FUD) in the market, the current scenario seems paradoxical. In some cases, liquidations can increase price volatility, but interestingly, they may also lead to further price rises as investors seize market opportunities.
What’s Next for LINK?
Looking ahead, the price movements of LINK present a bullish outlook. The 9-day exponential moving average (EMA) is currently positioned below the trading price at $15.87, indicating a positive momentum. The daily Relative Strength Index (RSI) stands at 68.92, nearing the overbought condition. If the bulls continue to dominate, analysts predict that the price may surge further to $20 and $23.4. However, in the event of bears taking control, a pullback to $14.6 and $13.4 could be anticipated.
Chainlink’s recent performance is drawing attention not only from investors but also from enthusiasts and analysts who closely follow the cryptocurrency market. As the crypto community eagerly watches the next moves of LINK, the surge in on-chain activities and the positive technical indicators suggest that Chainlink might have more surprises in store for its supporters in the coming days. Stay tuned for more updates on Chainlink’s exciting journey in the ever-evolving cryptocurrency landscape.
BitminerFactory is brought to life by Darrell Houghton, our astute publisher. With a deep-rooted passion for crypto and crypto mining spanning many years, Darrell’s unwavering enthusiasm fuels his daily quest for knowledge. He is eager to share the pivotal news stories of the day while also providing his own analysis and commentary with Bitminer Factory’s readers.
Source: NewsCrypto
