Chainlink [LINK], which was seen approaching the $10 mark as the crypto market was observed falling into the Red Sea amidst the US midterm elections. While some assets were able to record positive growth, a few others were rapidly losing value. LINK, however, was one of the former.
After a brief respite in late October, the overall cryptocurrency markets have plunged once more. In October, Ethereum (ETH) surpassed $1600, and Bitcoin (BTC) reached a new high of $21,000. The rally, nevertheless, did not go on for very long. At the time of publication, BTC had been down 5.4% in the previous day, trading at $19,707.55, while ETH had dropped 7.2% in the same time period, closing at $1,473.05. In addition, the value of all cryptocurrencies decreased by 5.5% in just 24 hours, to $1.02 trillion.
The alternative currency managed to soar to a high of $9.20 earlier today. This was significant because this level has already been attained in August 2022. As a result, the community searched widely for this three-month peak.
Santiment, a well-known on-chain analytics platform, pointed out that Chainlink’s most recent action was motivated by increasing network activity.
“#Chainlink spiked all the way above $9.20 for the first time since August 13th, a ~3-month high despite very volatile markets. This rise has been supported by the largest amount of active $LINK addresses in 5 weeks, and traders are longing aggressively.”
Chainlink To Hit $10 Mark?
Chainlink experienced a small correction after rising to a high of $9.20, which sent the asset back down to $8.39 as of the time of publication. LINK’s daily price movement was positive 2.56 percent despite this. This is significant because the rest of the market was suffering significant losses.
After the correction that the asset experienced, many people lost hope. Michal van de Poppe, a well-known cryptocurrency analyst, pointed out how the asset might be headed toward $10.
Notably, the asset is currently 84.11 percent behind its all-time high, which was $52.88. While the asset was hoping to reach $10 in the near future, many in the community believed that the continuation of its current thought may drive the asset above $12.