Over the weekend, all eyes were on Bitcoin as it returned to a resistance level just above $30,000 in 2023. However, the real standout has been Chainlink’s LINK, which has experienced a remarkable surge to its highest price point since May 2022. Let’s delve into what’s driving this impressive momentum.
In less than 24 hours, Chainlink (LINK) has catapulted almost 20%, moving from slightly above $9 to an 18-month high of $10.86 during Asian trading on Monday. This price level hasn’t been seen since May 2022, and LINK is currently the best-performing cryptocurrency in the market.
This meteoric rise has translated into a substantial 44% gain for the Chainlink token over the past week, making it an attractive option for investors and traders.
Blockchain analytics feed Lookonchain has shed light on some significant LINK whale transactions, with a focus on Korean crypto exchanges. It reported, “We noticed that during the LINK price increase, Korean exchanges Bithumb and Upbit accumulated a total of 945,000 LINK ($9 million).” In other words, these Korean exchanges have been actively involved in the recent LINK surge.
Additionally, Lookonchain analyzed LINK holders, highlighting that exchanges hold approximately 202.6 million tokens, equivalent to around $1.9 billion, accounting for 20.26% of the total supply.
Notably, ChainLinkGod, an ecosystem ambassador, underscored Chainlink’s partnership with major global financial institutions working towards tokenized real-world assets. These institutions include the Australia and New Zealand Banking Group (ANZ), BNP Paribas, BNY Mellon, Citigroup, and Lloyds Banking Group, which has likely fueled investor confidence.
Moreover, Chainlink Staking v0.2 is set to launch later this year, expanding upon the functionality of existing LINK staking mechanisms, further enhancing the appeal of LINK.
Crypto trader and analyst Johnny observed that LINK/BTC is breaking out of a downtrend spanning over 1,100 days, while LINK/USD is breaking free from a range that lasted over 520 days. His assessment suggests a promising future for LINK, indicating that it may experience a substantial price surge in the coming months.
Chainlink isn’t the only cryptocurrency outperforming Bitcoin in this period. The DeFi protocol token AAVE has also seen significant gains, rising 11% in the past day, surpassing $80 during Asian trading. However, it has reached resistance levels previously encountered in 2023, which led to rejection in mid-July.
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Fantom (FTM) has experienced a 13% surge, reaching $0.225, its highest price since the mid-August market downturn. Polygon (MATIC) has risen by 8.6%, reaching a ten-week high of $0.623, and Aptos (APT) has gained 9% in the past 24 hours, reaching $6.18, its highest price since mid-August.
The cryptocurrency market remains dynamic, with assets like LINK and others exhibiting noteworthy price movements, showcasing the evolving landscape of digital assets and the opportunities they present for investors.
