Crypto News – Many investors were unprepared for the price increase of 21% in the past 12 hours in Chainlink (LINK).
The Sudden Rise of Chainlink Crypto: LINK Stuns Investors by Soaring More Than 21%
As many investors on X have predicted, this sharp but brief spike could signal the beginning of an upward trend. As a result, according to CoinGlass data, holdings worth around $3.78 million were liquidated in the last 12 hours. Out of these, $3.38 million in futures positions, or short positions, belonged to the bears, while just $406,000 in long positions were lost.
Chainlink Crypto Price Prediction
The price of Chainlink (LINK) has increased 6.17% over the past 24 hours to trade at $9.28 as of writing time. The fact is that this clearly indicates bullish momentum. This upward trend is probably going to attract buy-side liquidity over $9.86 and could even reach the psychological milestone of $10.
LINK, however, saw a 7-day price increase of 26.78%. This actually demonstrates that LINK hasn’t performed poorly since the start of the week. Additionally, its market cap climbed by 7.57% to $5.169.689.378 and its volume increased by 153.14% to $1.072.239.632.
A long-term bullish technical indicator has recently been activated on the daily chart of LINK, which traders and investors should be aware of. The 200-day EMA line has been above the 100-day EMA line for the last 48 hours. The price of LINK may continue to grow over the next few weeks, according to this indication that long-term momentum has moved in favor of bulls.
On the other hand, a sell-off would occur if this weekend’s gain turned out to be a fluke and investors began to take profits. The bullish thesis will be invalidated in this situation by a weekly candlestick that reverses the most recent gains and results in a candlestick closing below $7.69.