- Chainlink (LINK) reached a new all-time high of $35.58.
- The price spike is due to a surge in token circulation and an increase in LINK address activity.
- Moreover, the crypto runs along with the bulls in breaking the resistance level of $35.76, which could lead to a high price of $40.
Chainlink (LINK) reached a new all-time high of $35.58 with a 46% gain over the last seven days. Moreover, LINK’s price spike is due to a surge in token circulation as well as an increase in LINK address activity.
🔗 #Chainlink has reached new heights yet again, this time with an #AllTimeHigh eclipsing $34.70, a staggering +226.1% return in the past ~7 weeks. We see a continued low level of $LINK tokens on exchanges, & this can continue until tokens begin returning. https://t.co/jqtam2KYE8 pic.twitter.com/7M7TYZsg6n
— Santiment (@santimentfeed) February 13, 2021
Timothy Peterson, a Crypto analyst has noted that the Chainlink network has increased 10 times, for two years in a row. In addition, the growth of the Chainlink network has been ‘fairly consistent’ during this period.
Mr. Peterson shared his analysis for Chainlink through the below tweet which includes a chart demonstrating the above mentioned network growth.
— Timothy Peterson (@nsquaredcrypto) February 12, 2021
Chainlink (LINK) Price Analysis
According to CoinGecko, the price of LINK is at 34.53, at the time of writing.
The graph above shows a great performance of LINK/USDT over the past few days. If this continues, the crypto can be seen to run along with the bulls in breaking the resistance level of $35.76, which can lead towards a high price of $40.
In contrast, if the LINK price fails to maintain its position with the bulls, the crypto might break out of its bullish position and fall down along with the bears at the support level of $29.08. In this situation, the cryptocurrency must find a way to retrieve it quickly. Because if not, the Chainlink Coin price might fall even more.
Meanwhile, the relative strength index (RSI) of the LINK is already at its overbought state. For this reason, traders, especially scalp and day traders, must trade with caution to avoid price reversal risk.
Similarly, top altcoin gainer VNX Exchange also set a new ATH. However, VNXLU price is at $0.03 with a 193% surge in just one day. Moreover, ZUM price is at $0.0097 causing over 689% gains over the last 24 hours.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.