It may sound like a broken record at this point but Chainlink (LINK) has seen extremely strong price performance over the past few months.<\/p>\n
At the all-time highs established during Jul. 15s trading session of $8.91 (according to CryptoSlate data), the community-favorite altcoin was up by almost 500 percent from its March capitulation lows around $1.50.<\/p>\n
Data suggests that the ongoing move higher is being backed by true buying volume.<\/p>\n
After a retracement early this week, LINK surged back during the trading sessions of Jul. 14 and 15, setting new all-time highs above $8.00.<\/p>\n
According to Qiao Wang, a prominent cryptocurrency commentator and Bitcoin trader, the surge was marked by a massive influx of volume on leading digital asset exchanges:<\/p>\n
Update: Chainlink just surpassed Ethereum in terms of 24-hour trading volume. Link marines have memed it into the single most successful non-base-layer, non-stablecoin cryptoasset ever. This is so incredible.<\/p>\n
Qiao Wang cited data from Messari (his former employer), which indicated that of the legitimate exchanges it tracked, 24-hour volume for LINK at a point reached $473 million, 50 percent higher than Ethereums $315 million at the time.<\/p>\n
Thats to say, at a point on Jul. 14, Chainlink was the third-most traded cryptocurrency in the entire market, despite it only holding the spot of the eighth-largest cryptocurrency.<\/p>\n
Considering the price action and analyses of LINK order books by on-chain analyst Cole Garner, this price action was seemingly skewed on the bid side.<\/p>\n
Chainlinks booming market volume isnt the only metric of the cryptocurrency reaching notable levels.<\/p>\n
The chart below is from Glassnode, a blockchain analytics firm. It shows that through all the volatility over the past few months, the number of addresses holding LINK has consistently been growing, with few impediments.<\/p>\n<\/p>\n
Commenting on the chart, CryptoSlates Cole Petersen recently wrote on Twitter:<\/p>\n
#Chainlinks steady march higher has been driven by a combination of new investors purchasing tokens and veteran investors increasing their exposure. Think of this as the coal that helps fuel the fire It shows that the multi-year price rise *has been* sustainable.<\/p>\n
The influx in LINK adoption comes on the back of a number of partnerships, including those with Nexo, Huobi, and the state-sponsored China Blockchain Service Network.<\/p>\n
Chainlink is also benefiting from an influx of press and attention, spurred by the assets loud proponents, new supporters like Morgan Creek Digitals Jason Williams, and other groups and entities.<\/p>\n
Theres also been a spike in LINK withdrawals from exchanges, Glassnode recently elaborated. The firm says that this suggests there is a meaningful contingent of LINK holders who intend to start and\/or keep hodling for the time being.<\/p>\n
These metrics, coupled with other trends, have made certain analysts extremely optimistic about the future of Chainlink. One popular crypto derivatives trader, for instance, commented:<\/p>\n
If Bitcoin does not ruin the party, there is no reason why LINK does not continue on into double digits. It would be conservative even, considering we just broke out of a major range. 20$ + LINK would not surprise me at all.<\/p>\n
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After 500% rally, Chainlink (LINK) just passed Ethereum in this crucial metric - CryptoSlate<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" It may sound like a broken record at this point but Chainlink (LINK) has seen extremely strong price performance over the past few months. At the all-time highs established during Jul. 15s trading session of $8.91 (according to CryptoSlate data), the community-favorite altcoin was up by almost 500 percent from its March capitulation lows around $1.50. Continue reading