Chainlink (LINK) is among the best-performing altcoins up 6.6% in the last 24 hours, 30% in seven days, and 40% over the last 30 days. The leading blockchain oracle token’s uptrend is backed by a massive increase in trading volume to $1.58 million and $5.5 billion in market cap.
Chainlink Price Breaks Out of Consolidation
Following months of trading below a long-standing falling trendline, LINK made the final bounce off support at $5 in June, however, market doldrums continued with the crypto space dealing with low levels of liquidity and volatility.
The bullish wave that traversed the crypto market last week amidst fake news about the approval of a spot Bitcoin exchange-traded fund (ETF), saw Chainlink price regain momentum and step above two uptrend-determining levels—the 21-week Exponential Moving Average (EMA) (red) and the descending multi-month trendline.
As LINK climbed above resistance at $7.5, investor confidence improved significantly which explains the engulfing weekly bullish candle on the weekly chart.
Chainlink price currently sits on top of all three bull market indicators starting with the 21-week EMA (red), the 100-week EMA (blue), and the 200-week (EMA) (purple).
The Moving Average Convergence Divergence (MACD) reinforces the bullish outlook with a buy signal sent in mid-September. Movement into the positive region above the 0.000 neutral area validates LINK’s uptrend.
For the uptrend to continue, support at the 100-week EMA — $0.94 must hold, otherwise profit-booking could take precedence as traders seek to safeguard the gains accrued in the last 30 days.
A break above the immediate resistance at $10 may call for FOMO as investors rush to position themselves for the next bullish move to $15 and $20, respectively.
Chainlink Whale Transactions See 3-Month Highs
Leading blockchain analytics platform Santiment revealed during the weekend that Chainlink’s network activity is on the rise, with the protocol “seeing 3-month highs in whale transactions, unique interacting addresses (active addresses), and trading volume.”
According to on-chain analysts at Santiment, altcoins like LINK have benefited immensely from the “redistribution of Bitcoin.”
🔗🥳 #Chainlink is on a tear this weekend, with the network seeing 3-month highs in whale transactions, unique interacting addresses, and trading volume. #Altcoins have been benefiting from $BTC redistribution, but $LINK has been a particular standout. https://t.co/lxlb8SmzKL pic.twitter.com/Yaw5qyV8jL
— Santiment (@santimentfeed) October 22, 2023
Chainlink continues to lead other altcoins in following in the footsteps of Bitcoin price as it approaches its next uptrend-determining level at $31,000. “$LINK, $MATIC, $UIP, $APT, and $AAVE are all seeing their best-performing decouplings of 2023,” Santiment analysts said via X (Twitter).
Meanwhile, the Chainlink ecosystem continues to grow into the most significant oracle solutions provider in the crypto industry, particularly the decentralized finance sector which relies heavily on smart contracts.
Projects stream into the ecosystem consistently to tap the live price feed solutions developed by Chainlink such as Pop — the latest protocol to join “Chainlink Build…, which helps support the security and use of Web3-based social media.”
On the other hand, Pop Social commits “make 3% of its total native token supply available to Chainlink service providers, including stakers.”
🏗️ #ChainlinkBUILD 🏗️@popapp_official is joining Chainlink BUILD to gain enhanced access to Chainlink’s industry-leading oracle services and technical support, which helps support the security and use of Web3-based social media.
In return, Pop Social will make 3% of its total… pic.twitter.com/UYnipQvFCO
— Chainlink (@chainlink) October 23, 2023
Chainlink on its part will ensure that Pop Social receives important benefits such as the integration and access to the network’s VRF to support the generation of NFT rarity factors and functions for aiding in the analysis of on-chain data as well as “CCIP for moving digital assets between chains.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.