As a seasoned researcher with extensive experience in following the crypto market trends, I have closely monitored the recent price fluctuations of LINK, the leading Oracle token. The past 24 hours have shown notable volatility for Chainlink, with bulls pushing the price to an impressive rally, reaching a high of $14.15 before losing momentum. However, as the day progressed, the price trajectory shifted downward, resulting in a minor pullback.
Over the last 24 hours, the price of Oracle’s top token, Chainlink (LINK), underwent significant volatility. The bulls successfully drove up the price to a peak of $14.15, marking a robust rally. Yet, their momentum waned as the day wore on, resulting in a minor price decrease.
At the present moment, the price of LINK is being exchanged for $14.21 in the US trading market. This represents a slight decrease of around 3% compared to its peak value during the day. The 24-hour trading volume has noticeably increased by approximately 44%, totaling $396 million, reflecting heightened market engagement.
Based on the latest information from CoinMarketCap, I find that Chainlink’s market capitalization hovers around $8.64 billion. This ranking places it as the 15th largest cryptocurrency in terms of market size.
Chainlink Price And Market Fluctuations
Over the past week, the bullish trend in Chainlink’s market performance has been more pronounced, as suggested by a substantial rise in its trading value. Specifically, the price of LINK has experienced a noteworthy uptick of approximately 2% during this period, even amidst the ongoing market correction.
The recent upward trend in LINK‘s price is just one aspect of the larger volatile pattern evident in the charts. At one point, LINK reached a peak price of $15.00, but it has since retreated and now hovers at its present value.
Chainlink hit a record-breaking price of $52.88 on May 10, 2021, but has since experienced a steep decline, losing around 73% of its value from the peak. In contrast, LINK has bounced back impressively since its all-time low of $0.1263 on September 23, 2017, registering a massive increase of over 11,100%. The current price trend began at $13.88 this week and showcases a robust rebound from a dip, only to encounter resistance that limited growth to around $15.00.
LINK’s Strategic Shifts in Wallet Holdings
Recently shared data from Arca via X post reveals that Chainlink (LINK) has undergone notable changes in ownership distribution. Notably, there’s been an 18% increase in the number of addresses holding between 100,000 and 1 million LINK. Moreover, a substantial surge of 26% was observed among addresses with holdings valued between $1 million and $10 million.
3,644,918 #LINK (51,498,761 USD) transferred from unknown wallet to unknown wallet
— Whale Alert (@whale_alert) July 22, 2024
Approximately 3.6 million Link tokens, worth around $51.5 million, exchanged hands between two anonymous digital wallets in a sizeable cryptocurrency transaction. This monitored transfer serves as a reminder of the active financial engagement ongoing within the burgeoning cryptocurrency market.
Can the LINK Surpass the $15 Resistance Soon?
As a crypto investor, I’m keeping a close eye on Chainlink (LINK). The current price trend doesn’t look too promising without strong market backing. In such a scenario, LINK might approach a support level around $14. If the selling pressure intensifies, my prediction shows that Chainlink could retreat to the $13 support mark. A significant drop could potentially push the price down to $12.
In contrast, if LINK manages to rise above the $15 resistance, it may be a sign of an upcoming bullish shift. This leap could potentially propel LINK towards the significant $20 resistance mark. If the bullish momentum gains ground, the coin’s worth might soar as high as $30 during an anticipated upswing.
Based on the technical analysis of LINK‘s daily indicators, volatility has recently risen. The Relative Strength Index (RSI), with a reading of 52, indicates that the market is neither excessively bought nor sold, signaling a balanced trading condition. The Moving Average Convergence Divergence (MACD) shows a shift in momentum, as the MACD line surpasses the signal line, potentially indicating a bullish trend in the upcoming period.
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2024-07-22 21:14