Chainlink (LINK) has taken center stage in the crypto market with a surge in value that has captured the attention of investors and analysts alike. Over the past 24 hours, the cryptocurrency has experienced a significant price rally, signaling a shift in momentum.
Chainlink Price Soars To New Heights
Chainlink’s price today hit the key resistance at $7.12, demonstrating a remarkable 24-hour trading volume of $200 million. This surge in value represents a substantial 5% increase over the past day, contributing to an impressive 12% rise in LINK’s value on the weekly chart. Whereas LINK ranked at 19th position on CoinMarketCap, accompanied by a market capitalization that now stands at $3 billion.
During the last 24 hours, Chainlink encountered a pivotal moment as its price rebounded from a crucial support level situated at $6.6. This rebound solidified a bullish trend and marked a second higher low for the week, showcasing the cryptocurrency’s resilience in the face of market volatility.
Meanwhile, Santiment reported that there has been a notable increase in the number of unique LINK addresses actively participating on the network, reaching 3,964 yesterday. It marks the highest level of engagement in the past two months.
As if the surge in price and positive technical indicators were not enough, the accumulation of LINK tokens by cryptocurrency whales has further amplified the positive sentiment surrounding Chainlink.
Wallet addresses holding between 10,000 and 100,000 LINK tokens have accumulated a staggering 3 million LINK, representing approximately $21 million.
However, in recent days, Chainlink has become the subject of intense discussion among traders and analysts. Crypto investor and analyst David shared his perspective on Twitter, noting:
There ya go, Chainlink bearishly retested the rising wedge spotted on the 4hr Tf yesterday, then down it goes with a -5% retrace so far…. But keep in mind this is LTF… $LINK is still in that range on the weekly.
These insights and the excitement on social media platforms reflect the growing interest and excitement surrounding Chainlink as it continues to exhibit strong performance in the cryptocurrency market.
With all these factors in play, Chainlink’s recent surge in value has captured the crypto community’s attention, making it a focal point for traders and enthusiasts as they closely monitor its future developments and potential for further gains.
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