Chainlink token LINK hits all-time high +11%
Last Updated on 11 September 2023 by CryptoTips.eu
The crypto market has experienced a massive bull rally since the start of July and the last few days has been a great one for altcoins. Chainlink’s native token LINK is clearly one of the top gainers within this period.
LINK has enjoyed a rapid rise in the past week with the coin initially establishing a new all time high of $5.70 on Monday.
This was after prior attempts by the coin to break pasts the $5 resistance barrier. The last 24 hours has seen a continuation with the coin hitting its record high of $6.35 in the early hours of today.
Although this rally has coincided with other major rallies in the market. The Chainlink’s price performance has been an exception.
The coin has experienced a growth of around 15% from $5.50 to $6.35 which is its all time high. At the time of publication, LINK has slightly dropped to 6.28 but it appears likely to test the $6.5 resistance levels in the coming hours.
Will LINK continue to rise?
The current trend of LINK has brought about excitement within its crypto community with some analysts predicting that it could surge to $10.
However with all cryptocurrencies, that rise this rapidly could quickly end with a steep drop in value.
Some days back analysis firm Glassnode reported that there had been a significant increase in the transfer of LINK tokens to leading crypto exchange Binance.
The report observed that the daily transfer volume on the exchange had increased with more than 5000 transfers sent to Binance wallets by traders.
Despite this, the general sentiment on the coin is bullish.
Chainlink seen as a crucial blockchain within the DeFi ecosystem
Chainlink is seen as one of the top projects in the crypto ecosystem with real life solutions. The blockchain is regarded as one of the drivers in Decentralized Finance (DeFi) and has been used by many developers to produce DeFi solutions.
Defi blockchains have experienced massive growth in the past month and it is no surprise that Chainlink value has gone up. Recently, the crypto exchange Huobi even joined the Chainlink ecosystem, with the aim of improving the reliability of its own data and providing more precise information on asset prices.
