While the broader crypto market is currently trying to recover from the shocks surrounding FTX and fears of a contagion impact, Chainlink has recorded the highest price increase within the top-100 by market cap within the past 24 hours.
At press time, LINK price is trading up 6.2% from the previous day, trading at $8.71. In the past seven days, Chainlink has posted a huge plus of around 13%. Trading volume has increased to $1.435 billion in the last 24 hours, up 161% from the previous day.
According to on-chain analysis service Santiment, LINK price surged above $9.20 for the first time since August 13, a 3-month high despite a very volatile market. The data aggregator believes that the reason for the surge is the large amount of active link addresses for the past 5 weeks.
Chainlink (LINK) Showing Strength
Back on October 30, Santiment wrote that whales “became very active this weekend” after LINK’s price broke $8 a couple of times. sentiment wrote,
Saturday saw 33 separate $LINK transactions worth over $1 million. It was the highest whale activity day since June 27.
As of the end of October, the number of wallets containing over 100,000 links aka whales has grown to 459. This is the highest level since 2017.
A look at the 1-day charts shows that Chainlink (LINK) broke a little behind the crucial $9.53 level today. LINK broke below this level on May 09. On the 1-day chart, the price jumped above this mark for the third time in the past six months.
At current levels, LINK is trading well above the 100- and 200-day simple moving averages (SMAs). Moreover, the LINK/USD pair is about to form a golden cross, which is often a bullish technical signal. It is formed when the 50-day moving average line on the chart crosses the 200-day moving average line from bottom to top.
The RSI is neutral at 63. If LINK manages to punch above the $9.53 key level in the coming days, the next major resistance could be at the $12.30 area.
Kaleo, anonymous trader with 500,000 followers, said, “The accumulation base for the $LINK USD chart is so clean – although I attribute the HTF resistance breakout to moving BTC more than anything else, I still haven’t faded it. These types of moves are usually the precursors to the further movement of the BTC pair.”
The popular analyst also says that LINK/BTC has bounced back higher time frame support, indicating that LINK will outperform Bitcoin in the coming weeks.
— Kaleo (@CryptoKaleo) 7 November 2022