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Chainlink (LINK) Trends: Key Reasons Behind Today’s Surge

Chainlink (LINK) Trends: Key Reasons Behind Today’s Surge

The decentralized oracle network Chainlink is surging after reaching the top in months with a 6% increase in just one day. It works to enable off-chain data and resources to the Smart contracts, as well as availability, dependability, and data quality.

This blog will discuss the Chainlink pricing analysis and the current buzz surrounding it.

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Chainlink (LINK) Valuation

In the past several hours, Chainlink’s Price has increased by more than 6.5%, reaching a price range of $22.22 before falling to its current value of $21.18. The trade volume increased by 204.72% from yesterday to an impressive $1,194,582,619 today. After a 6.32% gain in market size, LINK’s market cap now stands at $12,445,913,95, placing it at the 13th rank on Coinmarketcap.

 

It has risen to its highest value in a year at the most recent peak.

The current price pales in comparison to its peak of $52.88, reached three years ago on May 10, 2021.

Chainlink Price Analysis
Analysis of Chainlink Prices

What’s Making Chainlink (LINK) Popular?

Analysts claim that the cup and handle bullish pattern, a harbinger of an impending rise, has appeared on the Chainlink graph. The LINK prices have risen to a month-high of $22.22 because of the recent push.

Within two days, 831,160 LINK tokens were removed from the Binance platform, suggesting a rise in whale interest in this cryptocurrency. This withdrawal was made using eight new wallets, according to the Lookonchain report. This could indicate a bullish aspect for the cryptocurrency.

Chainlink has the potential to expand by 52%, and if the market continues its bullish drive over the next several days, it might reach $30.

In summary

Following days of powerful performance from numerous cryptocurrencies, including Ethereum, Chainlink has now entered the bull market. The price of LINK has increased to $22.22 due to the latest whale engagement, and it may reach $30 in the following days. Please find out more about why the price of Bitcoin will surpass $70,000 prior to its halving.

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