The crypto market has recently displayed more bullish movements than bearish ones. This positive trend is evident in the prices of several tokens, with the Chainlink (LINK) coin showing significant growth in its value.
In the last 7 days, LINK has seen more than 24% gains due to the recent rally in the broader crypto market. Meanwhile, in the past 24 hours, Chainlink increased by around 0.88%, according to data from CoinMarketCap. Its current trading price fluctuates around the $8.15 price mark.
According to information from CoinGecko, Chainlink shows a 24-hour trading volume of over $756K and a market cap of more than $4 billion.
Chainlink Price History And Factors Influencing Its Rally
Chainlink (LINK) has experienced a significant amount of price volatility since its inception. After its launch in 2017, LINK was trading at $0.11, and by May 10, 2021, it reached an all-time high of $52.88.
Coming into 2023, on January 1, Chainlink was trading between $5.57 and $5.63 and eventually closed the day at $5.62. As per CoinMarketCap data, the maximum price of LINK throughout January was $7.48.
Chainlink launched into February at $6.95 with a 24-hour trading volume of over $312 million and a market cap surpassing $3.6 billion. Since the start of the month, it has maintained a price range between $6.48 and $8.24. According to the historical data from CoinMarketCap, the current year’s high of the Chainlink token stands at $8.13.
Some prominent factors affecting the token’s price include increased adoption and the broader crypto market sentiment. Currently, the Fear and Greed Index of the crypto market value stands at 58. This value indicates growing investors’ interest in the digital currency market.
Regarding adoption, the Chainlink network has seen growing interest from other projects. A notable achievement shared on Chainlink Today, is that Chainlink VRF (Verifiable Random Function) will power the minting of PLYPOGO’s genesis NFT collection. Similarly, Amberpark collectors can build new metaphysical identities connecting web3 to real life through fashion. Amberpark is the multimedia artist behind PLAYPOPGO.
Secondly, TPICAP Group PLC has announced that it will supply high-quality forex data for traders through the Chainlink ecosystem. The electronic market infrastructure and information provider makes this move to support web 3 expansion.
Also, on February 9, MakerDAO announced that it would integrate Chainlink’s Automation into its Keeper Network to boost decentralization and ensure the stability of DAI stablecoin. Another adoption on February 9 was by AAVE integrating Chainlink’s Proof of Reserve to boost its verifiability and transparency.
Chainlink (LINK) Price Prediction
LINK is up by 0.37% within 24 hours, trading at $8.13 today. The asset snapped out of the $5 price level to trade at $6.07 on January 9, 2023. Also, it traded at $7 between February 15 and 17 with slight price variations. It hit $8.01 on February 18 and may likely continue its price rally.
Chainlink is trading above its 50-day and 200-day Simple Moving Average (SMA), which indicates a bullish sentiment in the short and long term. It is on its fourth consecutive green day, confirming the positive trend.
The Relative Strength Index (RSI) value is 67.38, close to the overbought region of 70. It also confirms a bullish pressure in the market. The support levels are $7.43, $7.64, and $7.81, while the resistance levels are $8.20, $8.42, and $8.59.
LINK’s MACD ( Moving Average Convergence/Divergence) has crossed above the signal line due to the sustained rally. LINK will likely surpass the $8.20 resistance level in the coming days. However, a slight pullback is a possibility before it the rally continues.