Why Chainlink Surged by 20% in Just One Day: An Altcoin Reawakening

Crypto News- Chainlink (LINK) has made a remarkable leap, surging by nearly 20% in less than 24 hours. This sudden upswing catapulted LINK from slightly above $9 on a Sunday to a striking 18-month pinnacle of $10.86 during Monday’s early Asian trading hours. The last time LINK reached such heights was back in May 2022.

Why Chainlink Surged by 20% in Just One Day: An Altcoin Reawakening

What’s more, LINK is currently standing out as one of the top-performing cryptocurrencies in the market. Over the course of just one week, it has seen an impressive 44% increase. The blockchain analytics provided by Lookonchain indicate that this surge in LINK’s price is closely tied to Korean cryptocurrency exchanges, with Bithumb and Upbit amassing a substantial sum of 945,000 LINK tokens, equivalent to $9 million.

It’s worth noting that a significant proportion of LINK tokens, around 20.26% of the total supply, is held by exchanges. This serves as a testament to the substantial influence of exchanges on LINK’s price dynamics.

In addition, ChainLinkGod, an esteemed ambassador for the Chainlink ecosystem, has emphasized the project’s collaborations with major financial institutions, including the likes of Australia and New Zealand Banking Group (ANZ), BNP Paribas, BNY Mellon, Citigroup, and Lloyds Banking Group. These partnerships are pivotal in their endeavor to make tokenized real-world assets a tangible reality. Furthermore, Chainlink is gearing up to introduce Chainlink Staking v0.2 later in the year, further enhancing the existing LINK staking mechanisms.

The sentiment among certain cryptocurrency traders and analysts is notably bullish when it comes to LINK’s future performance. There’s a growing consensus that LINK/BTC is on the cusp of breaking free from a long-standing downtrend that has persisted for over 1,100 days. Simultaneously, LINK/USD appears to be breaking out of a range that has constrained it for more than 520 days. These developments fuel optimism about LINK’s potential for significant price increases in the coming months.