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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow

Chainlink (LINK) Notches 9% In One Day As Market Rebounds, What’s Next?

Kent Tenix
Kent Tenix
2 years ago
3 mins read
LINK

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Oracle service provider Chainlink native token LINK has surged today as the crypto market records a significant uptick. The cryptocurrency is up by 9.02%, trading at $6.80 with a trading volume of $198 million, representing an over 179% increase in the last 24 hours.

One of the factors likely to affect LINK’s price growth in the coming days is the massive movement of tokens from the network’s wallet to exchanges. On September 16, four wallets associated with Chainlink transferred 18.75 million LINK tokens across various platforms, amounting to $119 million. 

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These wallets were originally intended for holding tokens that were not yet in circulation. But recently, around 15.7 million LINK tokens (approximately $100 million) left these wallets headed straight to Binance. Furthermore, 3.05 million LINK tokens (roughly $19 million) left the wallets in a multi-signature wallet identified as 0xD50f.

Following these significant on-chain activities and potential implications, investors are eager to see how LINK price will react.

LINK Breaks Above $6.3 Resistance Level

LINK is in an uptrend, forming a bullish engulfing pattern to break above the $6.3 resistance level. Although LINK is still below its 200-day Simple Moving Average (SMA), today’s green candle has broken above the 50-day SMA, showing increased pressure from buyers. 

The buyers at the $6.1 support level have forced the crypto coin to rally after the brief retracement between September 16-17. Also, the Relative Strength Index (RSI) displays a value of 58.00, rising from the neutral zone and approaching the overbought region of 70. 

LINK has overcome the $6.3 resistance level today. Therefore, the buyers will likely sustain the rally in the coming days. Furthermore, the Moving Average Convergence/Divergence displays a strong buy signal confirmed by its green Histogram bars. 

The cryptocurrency will likely record more price gains in the coming days if the buyers continue to accumulate the tokens. However, the unlock and transfer of 21 million LINK tokens on September 16 could lead to a brief retracement in the long term when the buyers relent.

LINKUSD price chart
LINK’s price currently stands at $6.80 in the daily chart. | Source: LINKUSD price chart from TradingView.com

Whales Increase Holdings After Swift Test

Since August 31, when Chainlink entered into a partnership with Swift and other companies, LINK has exhibited positive market moves. The interbank communication system Swift and Chainlink, successfully transferred tokenized value across various private and public blockchains in an experiment. 

The positive development boosted investors’ confidence in buying more LINK tokens, potentially pushing the token’s value up. On September 7, Santiment noticed that Chainlink’s top-tier holders, those with 10,000-100,000 LINK tokens, were actively increasing their holdings.

The number of wallets holding 10,000 to 100,000 LINK tokens increased to 3,127, the highest since December 3, 2022. These wallets collected $9.6 million worth of LINK in just three days, 0.154% of the total supply. Additionally, Santiment’s report showed that 98 new wallets in this category were created.

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On September 9, a crypto expert, Ali, revealed that these whales bought more than 4 million LINK coins, amounting to $24 million in just 10 days.

These accumulations show heightened investor interest in Chainlink and will likely drive demand, thereby increasing the token’s price in the coming days.

Featured image from Pixabay and chart from TradingView.com
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Kent Tenix
Kent Tenix

Kent Tenix

Kent is a talented freelance writer and journalist who creates insightful and thought-provoking content. With over 5 years of experience, she has honed her skills and established herself as an expert in her field. Kent is especially passionate about in-depth reporting and investigative journalism. She thoroughly researches every topic and story she covers to provide readers with comprehensive information and perceptive analysis. Whether she's reporting on crypto, business, technology, or finance, Kent prioritizes accuracy, nuance, and integrity. Her goal with every piece is to inform readers and inspire meaningful conversations and positive change. Kent enjoys traveling, photography, and spending time with her family when she's not tirelessly conducting interviews or poring over data. She hopes to continue using her writing to enlighten and engage audiences on issues that matter.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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