The cryptocurrency market has been facing high volatility at the time. With Bitcoin recording over 13% loss on the day, altcoins took effect and plummeted heavily. Similarly, Chainlink lost its gains following the market trend. But, the token established itself as one of the top gainers on the same day and marked $9.34. Due to turns of events, LINK currently fluctuates a loss of 19.80% and trades at $7.36. This currency made its investors happy with a week-over-week increase of over 3%.
Several key metrics favor LINK maintaining its run in the coming weeks. The token’s underlying blockchain has also bagged several partnerships during the week. Furthermore, LINK crossed a 3-month high today despite the market volatility. As such, the token looks poised to face a bullish rally head-on.
Massive LINK Wallet Activities Pushed Token’s Price Upward
The LINK price, as reported by Santiment in a recent tweet, reached a high of $9.20. The last time it reached this level was in the middle of August. The data agency’s team of specialists has settled on two possible explanations for the LINK price increase above $9. They assume that the intense activity of LINK wallets throughout last month was the primary driver of the price surge. Furthermore, investors have been “aggressively” longing LINK. This helped increase the altcoin’s price, causing a surge in funding rates.
And on November 3rd, Chainlink announced yet another significant partnership. This time with Seedify Fund, a premier incubator and launchpad for DLT games, NFTs, and metaverses. Chainlink’s goal in building this partnership is to facilitate the growth of the GameFi and NFT industries through its oracle services.
Meanwhile, the coin’s supporters eagerly await the start of staking on Chainlink. As of the end of October, 459 wallets had more than 100,000 LINK, even though the specific date had yet to be disclosed. In fact, this is the highest level since 2017. In addition, Chainlink implemented fourteen integrations across four chains: BNBChain, Arbitrum, Ethereum, and Polygon.
There Is Still the Potential for A 25% Correction
Since May, LINK has been consolidating its rebound gains inside the confines of an ascending triangle. Ascending triangles are continuation patterns. This means that after a period of consolidation, the price tends to move back in the…
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