Chainlink (LINK) Price Surges 45%, Soaring Past $10,80 Mark Amidst Bullish Market Sentiment

• Chainlink (LINK) experiences an astonishing 45% price surge, breaking through the $10.80 resistance level.
• The crypto market sentiment turns decidedly bullish, opening the door to extended upward potential.

After our previous update on Chainlink earlier this month, where we noted the challenges LINK faced in breaking a year-long descending trendline and our technical analysis suggested a potential bottom at $6.95 followed by an 11% rise, the crypto market landscape has seen significant shifts.

In the wake of a week dominated by Bitcoin’s positive performance, Chainlink (LINK) has emerged as one of the standout performers in the crypto market over the weekend. This sudden turn of events comes after a prolonged period of relative price stability and sideways movement for the LINK token, further emphasizing the inherent volatility of the cryptocurrency market.

Chainlink Price Soars 45%: A Breakthrough Moment

Chainlink’s price has seen a remarkable surge of over 45% in the last 24 hours, according to data from CoinGecko. This surge has propelled LINK’s price beyond the $10.80 mark, marking a significant milestone. On a weekly chart, LINK’s performance is even more impressive, with a nearly 30% increase in just seven days.

Crypto trader Mags, in a tweet, pointed out that Chainlink has finally broken out of a consolidation wedge that had persisted for over a year. Mags suggests that this breakout could lead to further gains for LINK. Mags’ tweet reads,

$LINK broke out after 512 days of consolidating inside a wedge.

A weekly close above $8.2 (most likely) we are heading straight to $12.54 and beyond 🚀

I don’t think we will see any retest of the breakout point, expecting upside cotinuation in the next weekly candle 🤝 https://t.co/EJcj2XO0oJ pic.twitter.com/bXgRkcv6jG

— Mags (@thescalpingpro) October 22, 2023

Additionally, Collin Brown’s tweet highlights Chainlink’s successful breach of strong weekly resistance, pointing to the potential for new heights. Collin’s tweet reads,

#Chainlink broke strong weekly resistance and is now heading to new heights. Bullish market sentiment suggests #LINK may surge higher. #CCIP and its cross-chain interoperability pave the way for a bright future. @SergeyNazarov explains in more detail. 🚀🚀🚀 pic.twitter.com/jtIgzeIKJQ

— Collin Brown (@CollinBrownXRP) October 22, 2023

As of the latest data, Chainlink’s token is valued at $10.80, and its trading volume has surged significantly over the past 24 hours, according to CoinGecko.

Driving Forces Behind the Multi-Month High

To better comprehend the factors driving LINK’s recent resurgence, we turn to Chainlink’s network activity. Data from the on-chain analytics platform Santiment reveals a surge in activity levels. Notably, the network has seen substantial growth, reaching three-month highs, in terms of whale transactions, active addresses, and trading volume.

While these metrics don’t definitively confirm the prevailing activity as buying, the resultant LINK price rally hints at a potential accumulation trend in the making.

Read also: Chainlink Accumulation Signals Bullish Sentiment – Is $10 Within Reach?

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