Chainlink (LINK), one of the top decentralised oracle networks, has lately experienced a large rise in its price by an astounding 20%, hitting a three-month high of $8.34, in a wave of spectacular revival. Chainlink is now the third most discussed cryptocurrency due to its spectacular rising trend, which has sparked fervent discussions and projections regarding its future course.
The massive on-chain volume that Chainlink has seen is what is mostly fueling this bullish run. The digital asset experienced $347.72 million in on-chain traffic on only one day last Thursday, making it Chainlink’s biggest on-chain transaction day of 2023 thus far. The increase in trading activity demonstrates how traders and investors are becoming more interested in and confident in LINK.
Chainlink’s price increase to its greatest level in the previous three months has caused some to wonder if it would be able to overcome the important psychological barrier of $10. The fear of missing out (FOMO), according to Santiment experts, may be the only thing preventing Chainlink from accomplishing this goal. The present trend appears positive.
The rise in LINK’s price coincides with the crypto market as a whole displaying signs of positive momentum, with several digital currencies witnessing rises in the wake of Ripple’s legal victory over the SEC. However, Chainlink’s price increase has outpaced that of most of its rivals, highlighting the coin’s rising popularity and upbeat attitude.
Given the volatility of the cryptocurrency market, it is vital for investors to exercise care, but the sharp increase in Chainlink’s on-chain volume, together with its strong price performance, raises the possibility that LINK might soon see even bigger increases. If this trend persists, the $10 price objective may very well be within reach soon.
