Bitcoin

Chainlink climbs 30% after six weeks of downtrend

After a six-week downtrend from its all-time high, LINK is up 30% in the past 24 hours Following a reported developer sale, the price of the Oracle protocol token has been pushed down.

The sharp rebound in Bitcoin prices, a sea of ​​green between DeFi coins, and a new announcement of a Chainlink partnership have all contributed to the price hike.

Chainlink’s native token was down more than 60% from its high of $ 20 in mid-August and bottomed at critical support levels around $ 7.50 on Thursday, September 24th.. The six-week downtrend appears to have been accelerated by LINK’s numerous large sales, which UK Crypto Post Trustnodes are reporting to be the direction of development.

Chainlink climbs 30% after six weeks of downtrend
Chainlink climbs 30% after six weeks of downtrend

This “direction of development” has regularly sold lots with 500,000 tokens worth around USD 4.8 million per lot at current prices over the past six months.. The frequency of sales increased after LINK hit its all-time high last month. The address indicates multiple withdrawals to a Binance address, but then the trace is cooled.

At this address there are still around 26 million tokens with an estimated value of 258 million USD at current prices.

Image – Etherscan.io

Since its peak, LINK’s market capitalization has dropped from over $ 7 billion to around $ 3 billion todayHowever, it remains one of the top performing cryptoassets this year, rising more than 1000% from Jan 1st to its all-time high. At current prices, it’s still up 450% from New Years Day.

The sale has brought prices down to a critical level of support and the Link Marines appear to have chosen that point to start charging again. In the $ 7-8 price zone, LINK held in July before its epic surge to $ 20. A return to that level this week has catalyzed buying pressure as traders saw a long overdue rally yesterday.

That bullish momentum picked up, rising 30% in less than 24 hours when LINK prices hit $ 10 a few hours ago.. Since then, prices have dropped a bit and are currently at $ 9.80.

Chart – Tradingview.com

The price increase came hours after Chainlink announced its partnership with travel company Travala.com. LINK has been integrated into the hotel reservation platform with cryptocurrencies as a payment method, and token holders can reserve accommodations in more than 2.2 million hotels and houses in 230 countries.

Bitcoin’s momentum may also have had an impact. Known for its ability to move the rest of the market, the King of Crypto also bounced back from the $ 10,250 support with a gain of 5% to $ 10,750 in the last 24 hours.

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