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While the broader crypto market is currently trying to recover from the shock surrounding FTX and the accompanying fears of a contagion effect, Chainlink has recorded the highest price increase within the top 100 by market cap within the last 24 hours.
At press time, the LINK price was up 6.2% from the previous day, trading at $8.71. Over the past seven days, Chainlink has even posted a whopping plus of around 13%. Trading volume has grown to $1.435 billion in the last 24 hours, up 161% from the previous day.
According to on-chain analysis service Santiment, the LINK price has risen to just above $9.20 for the first time since August 13, a 3-month high despite very volatile markets. The data aggregator believes the reason for the surge is the large volume of active LINK addresses for the past 5 weeks.
Chainlink active addresses surging for the last five weeks. Source: Santiment
Chainlink (LINK) Showing Strength
Back on October 30, Santiment wrote that whales “got pretty active this weekend” after the LINK price cracked the $8 mark a couple of times. Santiment wrote:
Saturday saw 33 different $LINK transactions exceeding a value of $1 million. This was the highest whale activity day since June 27th.
By the end of October, the number of wallets with more than 100,000 LINK aka whales has increased to 459. This is the highest level since 2017.
A look at the 1-day chart reveals that Chainlink (LINK) stopped just shy of the important $9.53 level today. LINK broke through this level to the downside on May 09. In the 1-day chart, the price bounced off this mark for the third time over the last six months.
At the current level, LINK is trading well above the 100- and 200-day simple moving average (SMA). In addition, the LINK/USD pair is about to form a golden cross, which is often a bullish technical sign. It is formed whenever the chart’s 50-day moving average line crosses the 200-day moving average line from the bottom to the top.
The RSI is neutral at 63. If LINK manages to punch through the key $9.53 level in the next few days, the next major resistance could be in the $12.30 region.
Chainlink rejected at the $9.50 region. Source: TradingView
Anonymous trader Kaleo with 500,000 followers noted, “The accumulation base for the $LINK USD chart is so clean – though I attribute the HTF resistance breakout to BTC moving more than anything else, I still wouldn’t fade it. Those type of moves is typically the precursors to the BTC pair outpacing.”
The popular analyst also says that LINK/BTC has bounced back off higher time frame support, suggesting that LINK will outperform Bitcoin over the upcoming weeks.
— K A L E O (@CryptoKaleo) November 7, 2022