Chainlink just reached its highest price in more than a year. People are talking about it a lot more on social media, and there’s been a big increase in how much of it is being traded.
Chainlink, also known as LINK, has been steadily increasing in price and building up its momentum, trying to reach its highest prices ever again. At the same time, more and more people in the cryptocurrency community are talking about Chainlink and discussing its potential.
Chainlink Surges to $21.7 Amidst Bullish Momentum
Chainlink (LINK) witnessed a significant development in its price trend at the onset of the week, stepping into a new price territory. On March 10th, LINK soared to approximately $21.7, marking an impressive 8.45% increase. This price level hadn’t been seen since January 2022, following a substantial decline.
Source: Trading View
As of the latest update, the price experienced a slight decline of over 1% but managed to sustain within the $21 range. An analysis of the daily Relative Strength Index (RSI) for LINK revealed a reading below 63, indicating a robust bull trend. Interestingly, LINK has displayed a tendency to spend limited time in the overbought zone since the beginning of its bull trend, suggesting the potential for further upward movement in its price.
Moreover, insights from Lunar Crush shed light on positive uptrends in both social and volume metrics for Chainlink, which resonates with the observed surge in its price.
Chainlink’s Volume Surpasses $1.2 Billion Twice in March
Taking a closer look at Chainlink’s market dynamics, its volume on Santiment experienced a notable surge. In March, LINK’s volume surpassed $1.2 billion twice, with the initial occurrence on March 5th, followed by another surge on March 11th.
As of the latest update, the volume has climbed to over $1.3 billion, marking the first time this month that LINK has reached this level.
Additionally, an analysis of Chainlink’s Social Dominance revealed a significant uptick. Currently sitting at almost 1%, this marks the first time in over a month that LINK’s social dominance has reached this level.
Chainlink’s Open Interest Surges, Signaling Bullish Sentiment
An analysis of Chainlink’s Open Interest on Coinglass revealed a significant surge in cash inflow over the past few weeks. Although the chart displayed a momentary drop, the latest data available at the time of writing showed a substantial increase.
Source: Coinglass
Currently standing at almost $558 million, LINK’s Open Interest indicates heightened interest and engagement from traders. This influx of buying pressure is typically interpreted as a bullish sign, suggesting the potential for further price increases.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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