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LINK Reaches $8.35 Peak, Traders Embrace It Hard: Details

Thu, 09/29/2022 - 12:45
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Yuri Molchan
Chainlink has made it back to top 10 list of assets by trading volume on reaching price peak
LINK Reaches $8.35 Peak, Traders Embrace It Hard: Details
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Chainlink's native token, LINK, has failed to fix at the $8.35 level reached yesterday. However, its trading volume has soared, pushing it back to the top 10 list, according to WhaleStats crypto wallet tracker.

Traders begin selling LINK

According to a recent tweet by Santiment, a large number of traders decided to sell their LINK stashes after buying them on the dip. Yesterday, LINK managed to hit a local high of $8.35, giving many traders a chance to make some profits.

Santiment analytics team noted that there were 4x the amount of transactions with LINK to be seen.

This pushed LINK back to the top 10 list of assets by trading volume, per data shared by WhaleStats. As of this writing, the top 100 BSC investors are holding $7,344,617 worth of Chainlink. This is merely 0.88% of their comprised portfolio.

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Here's what pushed LINK price way up

By Sept. 28, another recent tweet by Santiment suggests, the activity of LINK stake holders had risen significantly. This allowed LINK to start growing in price despite the overall red crypto market, pushing it above the $8 line.

This price rise led Santiment experts to believe that LINK had been sort of decoupling from other cryptos in the market for the past 10 days.

However, the coin failed to hold at the achieved price level. At the time of this writing, LINK is changing hands at $7.77, having lost nearly 4% in the past 24 hours, according to CoinMarketCap data.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.

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