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.
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.
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.
It seems that whales are buying $LINK!
We noticed that 8 fresh wallets withdrew 831,160 $LINK($16.72M) from #Binance in the past 2 days.
Address:https://t.co/bkikjTpUtyhttps://t.co/DaBt99fo8Ohttps://t.co/h8fjMdXiU4https://t.co/vcBkwRMUJMhttps://t.co/sD9YDQd4Sj… pic.twitter.com/77Y9RqF3t6
— Lookonchain (@lookonchain) March 9, 2024
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.
