Chainlink, a decentralized oracle network, is trending after its 6% hike within a day, recording a peak in months. It works on providing availability, reliability, and data accuracy, along with allowing off-chain data and resources to the Smart contracts.

This blog will cover the Chainlink price analysis and why it’s gaining hype these days.

Chainlink (LINK) Price Analysis

Chainlink Price has surged over 6.5% in the last few hours, pushing the price range to $22.22 before dropping to the current value of $21.18. Impressively, the trading volume has surged to $1,194,582,619 after a hike of 204.72% from yesterday. With the increases in the market cap of LINK, it is at the 13th position of Coinmarketcap, where its market cap is at  $12,445,913,95 after a hike of 6.32%.

Also read : Shiba Inu vs Pepe Coin: Where Should You Invest? 

The recent peak is the highest value it has soared to in a year. Yet, it’s nothing compared to its all-time high value of $52.88, attained on 10 May 2021, 3 years ago.

Why Chainlink (LINK) Is Trending?

According to analysts, the Chainlink graph has developed the cup and handle bullish pattern, which is a signal for the upcoming uptrend. The recent push has led the LINK prices to the month high of $22.22.

831,160 LINK tokens were withdrawn from the Binance exchange within two days, indicating increased whale activity for this crypto. According to the Lookonchain report, eight new wallets are responsible for this withdrawal, which might lead to a bullish factor for the crypto.

If the market performance stays the same with the bullish push for the next few days, Chainlink can head for the $30 mark after a potential growth of 52%.

Conclusion

Finally, Chainlink has entered the bullish market as many cryptos, including Ethereum, have performed spectacularly well for days. The recent whale interaction has surged the LINK prices to $22.22, which can rise to $30 in the next few days. Read more about why Bitcoin price will hit above $70,000 before halving. 

The post Top Reasons Why Chainlink (LINK) Is Trending Today? appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am