Chainlink's LINK Surpasses Dogecoin as 10th Largest Cryptocurrency amidst Price Surge
Summary:
Between February 9 and 12, Chainlink's LINK token has witnessed a 16% leap, hitting $20.85 which raises its market capitalization to $11.67 billion and surpassing Dogecoin as the 10th largest cryptocurrency by market cap. This surge was accompanied by increased network activity and trading volume. However, blockchain analytics suggest a potential for a price pullback. Despite this, bullish traders may find the upward trend attractive, as the LINK price trend forecasts a possible surge to $25 if it remains within the rising channel.
Between February 9 and February 12, Chainlink’s LINK token saw a price surge of 16%, reaching $20.85. This price was last witnessed in January 2022, boosting its market capitalization to $11.67 billion and surpassing Dogecoin (DOGE) to claim the 10th position among the largest cryptocurrencies by market capitalization. Trading volumes and network activity for LINK have also been on the rise. Current price trends remain within an ascending parallel channel, suggesting a potential increase in the near future.
Data by IntoTheBlock shows Chainlink network activity reached a 22-month high, alongside a growth in active and new addresses. Active addresses grew from about 2,800 on January 25 to roughly 3,210 on February 10. There was similarly an increase in the number of new Chainlink addresses from 808 to 1,020 during the same time span.
Santiment's data further confirms the surge in daily active addresses (DAA), which recorded a near doubling from 2,801 on January 25 to over 5,560 on February 12—a 97% increment.
Announcements from various platforms regarding Chainlink integration include Eigenpie's streamline of Chainlink CCIP across Arbitrum and Ethereum effective February 1. On February 7, Paxos started using Chainlink's new PayPal USD price feed, and Umami DAO likewise incorporated Chainlink Data Streams on Arbitrum.
However, on-chain data and technical indicators raise questions about a possible price pullback for LINK. On February 7, 2024, an individual moved 245,000 LINK, equivalent to $4.9 million, on Binance. The same person had earlier removed a total of 495,057 LINK worth $7.5 million from Binance at an average price of $15.13 per token.
Despite having approximately $5 million worth of LINK remaining in the account, this large scale transfer raises the possibility of an upcoming sale at the prevalent prices.
Adding a positive note to converse speculation, LINK's ongoing upward channel may incite bullish traders. LINK price has consistently been marking higher peaks and valleys since January 26, leading to the creation of an ascending parallel channel. As long as LINK stays within this channel, an upward price trend is expected, potentially reaching the channel's upper boundary at $21. If the price manages to close decisively above this, it could surge to $25.
Analyst Rekt Capital foresees a small dip before the upward trend resumes with a potential restest at the $19 support level.
This news piece does not offer investment guidance or proposals. All trading and investment moves carry risks. As such, it is crucial for readers to do their own due diligence before making a decision.
Published At
2/13/2024 9:50:43 PM
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