Why Is Chainlink Up 17% in 24 Hours?
Chainlink (LINK) surged higher than any other altcoin over the last 24 hours. What could be causing that?
The most convincing reason is that many LINK coins that were lying dormant in digital wallets suddenly became active. This greatly increased the circulation of LINK coins and caused a massive Age Consumed spike of about 5.38 billion coins.
The price also surged due to a large liquidation of LINK assets. On-chain data suggests that enough of these assets were liquidated to cause the price to spike. When so much asset dumping happens, that usually means there is a lot of uncertainty in the market, and that can help the price to increase as well.
LINK’s price is currently $17.85 (LINK/USD), but it was as high as $18.17 early Friday morning. This marks the highest this coin has reached since the beginning of 2022. It’s a remarkable achievement and one that begs investors to consider if the coin’s price may shoot even higher.
Where Is LINK Going Now?
LINK’s trade volume is up 121% over the last 24 hours, which is another noteworthy achievement. This very active crypto could be moving much higher in the near future as a result.
That is less likely than a cooling down period, though. The bulls have pushed Chainlink’s price past $15 in the last couple days and made the price skyrocket to $18, and that could be as high as it goes for now. The momentum seems to be slowing, but we will see how the rest of the day plays out.
What is going to drive the LINK price up at this point is likely to be renewed consumer interest in the coin and the hope that it will continue to climb for whatever reason. We expect a retrace, though, and we probably will not see LINK move past $18 again for a while as the excitement over the recent events dies down.
LINK has been outperforming every other altcoin over the last few days, and that is enough to keep it in the public consciousness for a short period. Will it be enough to push it back past $18 and closer to $20? Check back with us to stay up to date on what’s happening.
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