The last 24 hours has been a great one for the crypto market with most coins in the green zone. Link the native token of Chainlink project is clearly among the leaders of this movement.
LINK enjoyed a rapid rise within this period and established a new all-time high of $5.70. LINK had been attempting to hit a new all-time high in recent weeks with its series of increases shorting stop of the $5 resistance levels.
After many attempts, LINK finally managed to break its old all-time which was set on March 4 at $5.03. This event comes at a time when the entire market is on the rise, but LINK’s performance is as usual surprising.
In just 6 hours, the price increased by nearly 17%, from $4.89 to $5.70 which is its all-time high. As at the time of writing LINK has corrected slightly to $5.65 but is highy likely to surpass its all time high if the trend continues.
Will the increase continue?
Although the LINK is now the 12th most capitalized cryptocurrency on the market, just ahead of the Tezos XTZ , this rapid rise could quickly end and the price could fall below $5.
Despite the positive price development, data from the analysis firm Glassnode reveals that some investors have anticipated the rise and are ready to take advantage of it.
The platform has indeed detected a considerable increase in the number of LINK tokens transferred to Binance, which could be the warning sign that a mass sale is very close:
According to the Glassnode report, it was observed that there were around 5,000 LINK transfers into Binance wallets. This resulted in a daily net transfer volume of $16 million LINK which is the largest seen in a while.
This could mean that traders are ready to sell off and take their gains which could cause a ripple effect on its price.
Chainlink regarded as a pivotal project within the Defi ecosystem
Considered by some to be one of the only real projects essential to the blockchain and cryptocurrency ecosystem, Chainlink has fundamental advantages that offer it this prominent visibility.
Each week, Chainlink’s price oracles impose themselves as the figurehead of the decentralized finance movement (DeFi), becoming an almost essential component to ensure the proper functioning of any protocol.
Recently, the crypto exchange Huobi even joined the Chainlink ecosystem, with the aim of improving the reliability of its own data and providing more precise information on asset prices.