Chainlink Crosses $6.18 Trillion In Transaction Value – Will This Boost LINK Price?
The reception of Chainlink among crypto enthusiasts has been
positive. The ecosystem’s transaction volume has surpassed $6
trillion, according to the project’s official Twitter account.
Because of this rise, the number of native integrations in the
ecosystem rose from 12 to 15. At this point, it appears that
Chainlink may be en route to the proverbial moon. Shouldn’t a
price increase coincide with improved metrics? No, not quite. The
on-chain stats for LINK don’t look good, according to the
statistics provided by Santiment. Related Reading: Ethereum Sees
Surge In Number Of New Addresses – Will ETH Shine This October?
Chainlink Market Cap Down As of this writing, there has been
significantly less progress made on the LINK chain than in previous
months. The value of Chainlink’s stock on the market is likewise
much lower. The market cap for LINK on October 2 was $284,961,375,
a decline of 78.06% from its all-time high of
$1,299,905,978 on September 29, data from CoinGecko
show. A downward trend may be forming. However, at this time,
Chainlink’s price is quite volatile on the intraday and 4-hour
time frames. LINK’s historical volatility is rather high, ranging
between 64.75 and 50.27, indicating that its price frequently
fluctuates between ranges. The Stoch RSI figures are also falling,
although the relative strength index of the coin is quite constant.
Although the coin’s performance indicates a downward trend, LINK
HODLers may still have reason for optimism. Chart: TradingView.com
LINK Investor Confidence Up According to statistics from
CryptoQuant, LINK exchange reserves are currently below average.
This may suggest that the coin is not undergoing a significant
selling pressure. This is depicted on the graphs as a price
increase. As of the time of writing, LINK is up 2.26 percent on a
4-hour scale. The price of the coin fluctuates between $7,026 and
$6,574. These two support levels are significant, as any breach by
the bears might cause a sell-off that pushes the price below $6.
The chart also reveals a head-and-shoulders shape, which can act as
a development impediment. However, as of this writing, the token
has broken through and is on an intraday and 4-hour upswing.
Considering the current report for the third quarter of 2022, this
could indicate a rise in investor confidence. As the ecosystem
continues to flourish, LINK holders should anticipate more good
news in the coming days. Related Reading: Crypto Community Predicts
Polygon (MATIC) To Rise Nearly 20% By October 31 LINK total market
cap at $3.5 billion on the daily chart | Source: TradingView.com
Featured image from Pixabay, chart from TradingView.com
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