Chainlink (LINK) has experienced significant gains in the past month, with a 6.6% increase in the last 24 hours, a 30% increase in the past week, and a 40% increase over the last 30 days. These gains have been supported by a surge in trading volume to $1.58 million and a market cap of $5.5 billion.
After months of trading below a falling trendline, LINK finally broke out of consolidation in June when it bounced off support at $5. However, low liquidity and volatility continued to plague the crypto market. Last week, the market saw a bullish wave due to fake news about the approval of a spot Bitcoin exchange-traded fund (ETF), which helped Chainlink regain momentum and break above two important uptrend-determining levels.
Currently, Chainlink price is above all three bull market indicators—the 21-week EMA, the 100-week EMA, and the 200-week EMA. The MACD also supports the bullish outlook with a buy signal sent in mid-September. To sustain this uptrend, it is crucial for support at the 100-week EMA ($0.94) to hold.
If Chainlink breaks above immediate resistance at $10, it could trigger FOMO (fear of missing out) among investors who rush to position themselves for the next bullish move to $15 and $20.
According to blockchain analytics platform Santiment, Chainlink’s network activity is on the rise. The protocol has seen three-month highs in whale transactions, unique interacting addresses, and trading volume. This is attributed to the redistribution of Bitcoin into altcoins like LINK.
Chainlink continues to lead other altcoins in following Bitcoin’s price as it approaches its next uptrend-determining level at $31,000.
The Chainlink ecosystem is expanding rapidly as more projects join to tap into its oracle solutions for the decentralized finance sector. One such project is Pop Social, which has joined Chainlink Build to access the network’s oracle services and technical support.
In return, Pop Social will allocate 3% of its native token supply to Chainlink service providers. This partnership will allow Pop Social to integrate with Chainlink’s VRF and CCIP, enabling it to generate NFT rarity factors and analyze on-chain data.
Overall, Chainlink’s performance and growing ecosystem position it as a significant player in the crypto industry.
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