The increase in the price of Chainlink has acquired significant traction during the past day. With $484,871,967 in 24-hour trading volume. Trading at $6.48 USD per share, Chainlink is worth $1.92 billion. The price of Chainlink has risen 8.98% in the past day.
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This is the reason why the price of Chainlink has gone up.
Nearly fifteen million were reportedly moved in the past twenty-four hours to wallets connected to well-known cryptocurrency exchanges. The rising cost of using Chainlink could be a result of this. Buying volume has increased today, which is a bullish sign for Chainlink’s price. What’s great is that sellers will have more goods to choose from beginning next week. The current bullish trend in the cryptocurrency market is projected to gain momentum. A reversal is expected within the next several hours, though, so the situation is unlikely to improve much further until then.
The Bollinger Bands indicate that the strongest level of resistance for chainlink will be at $8.83, while the lowest level will be at $4.85.
Since Chainlink launched the protocol upgrade, Chainlink Economics 2.0, there has been a rise in social engagement involving the LINK token. In exchange for network fee commitments and other incentives, the project hopes to increase access to Chainlink services and give technical support to Chainlink service providers like stakers. Chainlink’s pricing has surged because to the positive attention it has received on social media.
The aftermath of the FTX crisis and the crypto market
Noteworthy, the cryptocurrency market lost approximately $1.4 trillion as the FTX meltdown caused prices to drop. The total value of all cryptocurrencies on the market dropped by 10.85 percent overnight, to about $900 billion. The cryptocurrency market has changed drastically since a stunning run on billionaire Sam Bankman-FTX Fried’s exchange. Bitcoin has hit a two-year low, and FTX has probably evolved from what it was. The bitcoin market has lost over $1.4 trillion.
Source: Google Trend
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