The wider crypto market is still trying to heal from shock caused by FTX, and associated fears about a contagion effects. Chainlink however has seen the largest price rise within the top 100 market caps within 24 hours.
At $8.71 the LINK price had risen 6.2% over the day before. Chainlink’s trading volumes have increased by around 13% over the past seven days. The trading volume increased to $1.435 trillion in 24 hours. This is 161% more than the day before.
Santiment’s on-chain analysis service says that the LINK prices have risen just over $9.20 since August 13. This is a three month high despite extremely volatile markets. According to the data aggregator, the cause for this surge could be the high volume of active LINK addresses over the last 5 weeks.
Chainlink (LINK), Strength
Back on October 30, Santiment wrote that whales “got pretty active this weekend” after the LINK price cracked the $8 mark a couple of times. Santiment wrote:
On Saturday, there were 33 $LINK transactions that exceeded $1,000,000 in value. This marked the highest level of whale activity since June 27th.
At the close of October, there were 459 wallets that contained more than 100,000 LINK aka whales. This level is at its highest since 2017.
The 1-day chart shows that Chainlink (LINK), stopped at $9.53 today. LINK broke this mark to the downside in May 09. This mark was broken for the second time by LINK in the 1-day chart. It has been bounced from this point three times over the six-months.
LINK trades at a level well above its simple moving average (SMA) of 100 and 200 days. The LINK/USD currency pair is also about to form a gold cross. This is often a technical bullish sign. It is formed whenever the chart’s 50-day moving average line crosses the 200-day moving average line from the bottom to the top.
At 63, the RSI remains neutral. The $12.30 area could become the next significant resistance if LINK can break through the $9.53 key level within the next few days.
Anonymous trader Kaleo with 500,000 followers noted, “The accumulation base for the $LINK USD chart is so clean – though I attribute the HTF resistance breakout to BTC moving more than anything else, I still wouldn’t fade it. Those type of moves are typically the precursors to the BTC pair outpacing.”
Popular analyst says that LINK/BTC bounced off of higher support levels, suggesting that LINK will be outperforming Bitcoin in the coming weeks.
— K A L E O (@CryptoKaleo) November 7, 2022