Chainlink (LINK) Surge Far From Done As Crypto Analyst Predicts Rise To $15
24 Oktober 2023 - 6:00PM
NEWSBTC
Chainlink (LINK) is one of the altcoins that have enjoyed a massive
resurgence in recent days alongside the flagship cryptocurrency,
Bitcoin. The token rose to as high as $10 on October 23 and seems
to have established support at that level. Following this, some
crypto analysts have gone on to analyze whether or not it can
sustain this momentum. Can The Chainlink Rally Be
Sustained? In a post shared on his X (formerly Twitter) platform,
crypto analyst Felix drew up an analysis of LINK’s price movement
on the charts, noting that the token could see “further price
movement, especially if it claims above the critical 500+ day
resistance at >$9.6.” Related Reading: Crypto Analyst Lists
Reasons Why Cardano (ADA) Will Not Do Well In The Bull Market
Source: X He also seemed to suggest that a period of whale
accumulation may have led to this price surge as over $9.92 million
worth of LINK tokens were sent out of exchanges to wallets when it
was still trading at around $7.26. LINK has risen by over 33% since
then. Source: IntoTheBlock Felix highlighted the fact that
the Chainlink ecosystem was displaying impressive on-chain strength
at the moment, which ultimately leads one to question whether or
not the rally can be sustained. LINK’s Figures Are On The Rise As
Felix pointed out, LINK’s price seems to be experiencing an
‘up-only’ trend currently, and all other metrics are not left
behind as the ecosystem is also seeing an increase in the number of
active and new addresses. According to data from IntoTheBlock, the
number of active addresses on the Chainlink network is steadily
rising alongside the price increase. In the last 7 days, the
network has seen an increase of over 112% in the number of active
addresses on the network. Meanwhile, there has also been an
increase of over 190% in the number of new addresses on the
network. Related Reading: Analyst Predicts Bullish Bitcoin
Price Rally To $41,000, Here’s When As expected, the number of
transactions on the network has also risen during this period, with
Chainlink recording a 7-day high of over 12,000 transactions on
October 23. Consequently, the trading volume is up over 7% in the
last 24 hours, according to data from CoinMarketCap. There is
also reason to believe that this momentum might be far from over,
as fundamentals seem to be contributing to the bullish sentiment.
If so, there is more good news ahead for the Bulls and Chainlink
community as the Chainlink Staking v0.2 is set to launch before the
year runs out. Many believe that LINK maximalists are going to
continue to accumulate ahead of the launch. In reaction
to an X post about an impending launch of the Staking v0.2, one
crypto analyst boldly asserted that LINK could rise to as high as
$15 later this year. LINK price continues recovery | Source:
LINKUSDT on Tradingview.com Featured image from Analytics Insight,
chart from Tradingview.com
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