Chainlink Soars: 223% Volume Surge Fuels LINK Price Explosion!

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In just the past day, there’s been a massive 223% jump in trading activity for Chainlink (LINK), with volumes soaring to an impressive $3.33 billion, as reported by CoinMarketCap data.

As a crypto investor, I’ve noticed an uptick in trading activities surrounding Chainlink. This surge could be a sign of heightened engagement and enthusiasm for this particular cryptocurrency. Given the recent surge in its price, it’s plausible that traders seeking to capitalize on Chainlink’s price trajectory might have fueled this increased trading volume.

In the last 24 hours, the price of Chainlink has experienced a significant surge. This increase mirrors the positive market sentiment that led Bitcoin to reach new record highs over $109,000 in the early trading on Monday. Similarly, other major cryptocurrencies such as Chainlink also posted double-digit gains during this timeframe, rising early in the Monday session.

The surge has catapulted Chainlink higher in the cryptocurrency league tables, and it’s poised to crack the top ten digital currencies by market value. Currently, Chainlink ranks 11th among cryptos, with Tron (TRX) ahead of it, boasting a market capitalization of approximately $16.76 billion.

LINK price action

Over the past week, Chainlink’s value has surged noticeably. Currently, at the point of this writing, Chainlink (LINK) has risen by 5% within the last 24 hours to reach $26.27, and has seen a 41% growth over the weekly period.

After finding support at a low of $17.83 on January 13th, Chainlink has been consistently increasing, with six out of seven days showing gains. This recent surge in price has propelled LINK above the significant daily Simple Moving Average (SMA) 50 of $23.53, a level that previously restricted its growth earlier this year. As Chainlink continues to climb, this important level will be closely monitored for further signs of its ongoing rally.

The current increase in price is being bolstered by strong network foundations and the hoarding of LINK by large cryptocurrency investors, as per crypto analyst Ali’s recent report on January 15th, where he noted a buildup of approximately 1.35 million LINK.

Over the last seven days, the Chainlink standard has been integrated into 14 distinct platforms, spanning seven services and eight separate blockchain networks. Notably, Ripple has teamed up with Chainlink to boost the acceptance and functionality of its Ripple USD (RLUSD) stablecoin within DeFi applications.

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2025-01-20 19:25