Chainlink, the decentralized oracle network, is trending, hitting a multi-month peak after rising 6% in less than a day. We are committed to providing availability, reliability, and data accuracy, as well as allowing off-chain data and resources to smart contracts.
In this blog, we will give you a price analysis of Chainlink and why it is getting all the hype these days.
Chainlink (LINK) price analysis
Chainlink price surged more than 6.5% in the past few hours, the price range rose to $22.22 and then fell to the current value of $21.18. Impressively, the trading volume jumped 204.72% from yesterday to $1,194,582,619. The increase in LINK’s market capitalization puts Link at 13th place on Coinmarketcap, with a market capitalization of $12,445,913,95 after an increase of 6.32%.
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The most recent peak was the highest price in a year. Still, that's nothing compared to the all-time high of $52.88, set three years ago on May 10, 2021.
Why is Chainlink (LINK) trending?
According to analysts, Chainlink's graph has developed a bullish cup-and-handle pattern, which signals an upcoming uptrend. The recent rally has taken LINK price to a monthly high of $22.22.
831,160 LINK tokens were withdrawn from the Binance exchange within two days, indicating an increase in whale activity for this cryptocurrency.by Look-on-chain report8 new wallets are responsible for this withdrawal, which could lead to bullish factors for the cryptocurrency.
If market performance remains the same with a bullish push over the next few days, Chainlink could head towards the $30 mark with 52% potential growth.
conclusion
Chainlink has finally entered the bull market as many cryptocurrencies, including Ethereum, have shown impressive performance over the past few days. The recent whale contact has sent LINK price soaring to $22.22 and could rise to $30 in the coming days. Read more about why Bitcoin price rises above $70,000 before halving.