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Chainlink (LINK) has seen a surge in trading volumes, skyrocketing by 223% amid a significant price increase. According to CoinMarketCap data, Chainlink's trading volume increased by 223% in the last 24 hours, reaching $3.33 billion.
The increase in trading volumes indicates increased activity and interest in Chainlink. Amid the recent price rise, traders looking to profit on Chainlink's price momentum may have contributed to the increase in trading volume.
Tomiwabold OlajideChainlink's price has seen a substantial rise in the last 24 hours, reflecting the current sentiment on the market, which saw Bitcoin notch all-time highs above $109,000 in the early Monday session. Other major cryptocurrencies climbed early in the Monday session, including Chainlink, which saw double-digit gains during this period.
The increase has propelled Chainlink up the crypto market rankings, and the token is on the cusp of breaking into the top 10 cryptocurrencies by market capitalization. Chainlink is presently ranked 11th in the cryptocurrency rankings, behind Tron (TRX), with a market capitalization of $16.76 billion.
LINK price action
Chainlink has been on an upward move, with its price increasing significantly in the past week. At the time of writing, LINK was up 5% in the last 24 hours to $26.27 and up 41% weekly.
Chainlink started to increase after establishing support at a low of $17.83 on Jan. 13. Taken from this date, Chainlink is on track to mark six out of seven days in the green. The recent rally has pushed LINK's price above the closely watched daily SMA 50 at $23.53, which had capped LINK's price earlier this year. Moving upward, this key level will be watched for the continuation of Chainlink's rally.
The recent price surge is supported by network fundamentals and whale accumulation. On Jan. 15, an accumulation of 1.35 million LINK by crypto whales was reported by crypto analyst Ali.
In the past week, there were 14 integrations of the Chainlink standard across seven services and eight different chains. Ripple recently partnered with Chainlink to improve the adoption and utility of its Ripple USD (RLUSD) stablecoin in DeFi applications.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Godfrey Benjamin
Alex Dovbnya
Dan Burgin
Vladislav Sopov