Chainlink Market Cap Archives

Chainlink Has Pulled Away From The Crowd With A Sharp Surge Recently

While most cryptocurrency sectors have observed minimal movement recently, Chainlink has emerged as an outlier, enjoying a surge of over 34% in the last week.

The below chart shows how LINK has performed over the past month.

LINK had achieved a major milestone, breaking above the $18 level earlier during this latest rally, but with a sharp 8% continuation of the run, the coin has now surged beyond the $19.5 mark for the first time since early 2022.

Should Chainlink’s surge continue, the cryptocurrency would be retesting the $20 level, which could prove to be a source of major resistance, according to on-chain data.

LINK has surged more than 38% over the past thirty days, which means it has significantly outperformed the wider sector. Bitcoin, for instance, hasn’t even been able to put together positive returns in this period, as the original cryptocurrency’s price has declined by almost 2%.

Thanks to this strong rally, Chainlink has changed its standing among the wider sector. Specifically, the token has shaken things up in the market cap list.

Dogecoin Has Lost Its Position In The Top 10 List To LINK

Following the rally, LINK has improved its market cap rank and is now the 10th largest cryptocurrency in the sector based on this metric. Dogecoin, holding this spot earlier, has now fallen to 11th.

The table below shows how the two assets fit in the broader sector.

Although Chainlink has now surpassed Dogecoin in this metric, the gap between the two assets is still not much. This means the two coins may continue to flip each other in the coming days unless one shows diverging performance.

As LINK has arrived at this spot with a sharp surge, things may be looking favorably for the asset, especially considering that DOGE has rather put up negative returns in the past week.

The overall picture has also been a bit dire for the memecoin recently, as the chart below displays that its price has followed a sideways trajectory during the past month.

Unless things change fast for Dogecoin, its exit from the top 10 list may be here to stay. Of course, this only assumes that Chainlink itself doesn’t fall off shortly.

Decentralized oracle network Chainlink (LINK) has been making significant strides in the altcoin market, outperforming its peers with an impressive 44.8% price increase over the past 30 days.

Surging to a 24-month high, the cryptocurrency has inched closer to the $20 mark, attracting the attention of bullish investors. Notably, the uptrend for LINK may be far from over, as it can potentially record a substantial 38% price gain by breaking through a critical resistance level.

Chainlink Trading Volume Skyrockets

Crypto analyst Ali Martinez indicates that Chainlink faces formidable resistance between its current trading price of $19.40 and $20.03, with 5,330 addresses collectively holding over 8.59 million LINK.

Despite this supply wall, if Chainlink manages to break through, Ali Martinez suggests that the next critical resistance level stands at $26.87, presenting an opportunity for a significant 38% price surge.

Adding to the positive outlook, Chainlink has witnessed a surge in trading volume and an increase in circulating market cap over the past few days.

Data from Token Terminal reveals that while Chainlink’s trading volume has steadily risen over the past 30 days, the token experienced exceptional trading volume of over $9.5 billion in the past three days alone. This surge in trading activity suggests a growing interest from investors in the Chainlink protocol.

Examining the circulating market cap, Token Terminal data highlights a positive trend. The circulating market cap of Chainlink stands at $10.53 billion, displaying a notable increase of 32.66% over the past 30 days. In terms of fully diluted market cap, Chainlink records $18.16 billion, indicating a substantial rise of 28.89% over the same period.

Institutional Interest In LINK?

Recent blockchain data suggests that institutional investors are actively accumulating LINK. According to Spot On Chain data, the emergence of eight wallets withdrawing a substantial amount of LINK tokens, coupled with a price surge shortly after, indicates institutional interest in the cryptocurrency.

Over the past twelve hours, eight new wallets, likely representing a single individual or institution, have collectively withdrawn 227,350 LINK tokens, equivalent to approximately $4.12 million at the withdrawal time.

Notably, a significant portion of these tokens was withdrawn from centralized exchanges (CEX) just before the price experienced a sudden increase of approximately 4.1%. This pattern suggests that institutions may strategically accumulate LINK tokens, anticipating future price appreciation.

Moreover, as indicated by its performance on the algorithmic market scanner Commando, LINK has consistently been a top performer in the cryptocurrency market.

According to the market intelligence platform Decentrader, with a current score of 1.83 and a green signal on low time frames, Chainlink’s technical analysis suggests a positive outlook for the cryptocurrency. Noteworthy is the recent breakthrough of Chainlink’s price from a range held up by the 200-week moving average (200WMA).

This breakout indicates a shift in market sentiment and a potential upward trend. The cryptocurrency is now aiming to target the “Sniper resistance” level just above $20 while finding support at the top of the previous range, around $16.8, according to Decentrader.

Overall, institutions’ accumulation of Chainlink tokens and the cryptocurrency’s technical breakout point to growing confidence in LINK’s investment potential.

The withdrawals from centralized exchanges suggest a desire to hold LINK tokens outside exchange custody, possibly indicating a longer-term investment strategy.