In a wave of impressive resurgence, Chainlink (LINK), one of the leading decentralized oracle networks, has recently seen a significant surge in its price by a staggering 20%, reaching a three-month high at $8.34. This remarkable upward trend has made Chainlink the third most popular topic in the crypto community, sparking enthusiastic conversations and predictions about its potential trajectory.
The primary driving force behind this bullish run is the enormous on-chain volume that Chainlink has experienced. The digital asset witnessed $347.72 million in on-chain volume on Thursday alone, marking the most substantial on-chain transaction volume for Chainlink so far in 2023. The surge in trading activity highlights the growing interest and confidence in LINK among traders and investors.
The surge to the highest price point in the last three months has raised the question of whether Chainlink can break through the significant psychological barrier of $10. Santiment analysts are suggesting that the only thing possibly standing in the way of Chainlink reaching this milestone could be the fear of missing out (FOMO). The current momentum seems promising.
The increase in LINK's price comes at a time when the broader crypto market is showing signs of bullish momentum, with many digital currencies seeing gains following Ripple's win against the SEC in court. Chainlink's price surge, however, outpaces most of its contemporaries, underscoring the growing demand and optimistic sentiment for the coin.
While it is important for investors to proceed with caution, given the volatility inherent on the crypto market, the massive surge in Chainlink's on-chain volume, coupled with its robust price performance, suggests that LINK might be on the verge of even more significant gains. The $10 price target could very well be within reach in the near future if this momentum continues.