- Chainlink rallied 23%, with its price hitting the $25 range.
- LINK’s daily trading volume has surged by over 482%.
As the largest asset, Bitcoin (BTC) consolidates in the $95K range, major altcoins are moving to their new highs. The anticipated alt-season is around the corner, with Chainlink (LINK) jumping over 23.70% in the past 24 hours, to a year high.
Notably, LINK has surged over 133% in the past month, climbing from $10.96 to today’s peak. The surge continued over the past week by 52%, rising from the $16 range.
Notably, in the early hours, LINK traded at a low of $19.02. Despite struggling, the asset displayed an upside rally and climbed to a high of $26.50. At press time, Chainlink trades at $25.71, with its market cap reaching $16.11 billion.
Furthermore, the market observed a liquidation of $9.48 million in LINK as per Coinglass data. Also, the daily trading volume has reached $9.21 billion, according to CMC data.
On the other hand, a whale has accumulated 269,861 LINK worth $6.68 million. A total of $2.6 million has been spent to purchase 107,838 LINK at $24.1. Also withdrawn 162,024 LINK from Binance. This suggests a strong accumulation, possibly anticipating the asset’s price movement.
Is LINK Set to Climb Further?
LINK’s four-hour price chart reports the upside price action. A steady rally beyond the current price could push the asset to move higher and might likely bring in a retest at $28.66 resistance zone. If the altcoin holds the price stable, it could mount above the $30 range.
On the downside, if LINK’s current price momentum fails to prop up, the asset could fall down to test its nearby support at the $22 zone. A steep plunge below this level might possibly push the altcoin to dip even lower.
Additionally, the technical analysis of Chainlink has revealed the ongoing bullish momentum with the Moving Average Convergence Divergence (MACD) line settled over the signal line. This highlights the incoming uptrend in the market.
Besides, the Chaikin Money Flow (CMF) indicator is laid at 0.26, suggesting a positive money flow and the asset’s demand within the market. Concurrently, Chainlink’s daily trading volume has skyrocketed by over 482%.
LINK’s market sentiment is in the overbought zone with the daily relative strength index (RSI) found at 79.54. The daily frame of the altcoin shows the short-term 9-day moving average above the long-term 21-day moving average.
Disclaimer: The opinion expressed in this article is solely the author’s. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.
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