The Chainlink price currently stands at $8.18 USD, with a 24-hour trade volume of $295,893,002 USD. Over the past day, Chainlink has experienced a 4.55% increase. It holds the #17 rank on CoinMarketCap, with a market cap of USD 4,557,218,356.
The circulating supply of LINK coins is 556,849,970, while the maximum supply is 1,000,000,000.
The LINK token has experienced numerous bullish rallies, with a recent increase from its low of $5.8 to a high of $7.9 in September. The optimistic outlook among supporters remains strong, particularly with a crypto analyst’s prediction of a 130% surge in price.
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Analyzing Chainlink Price Trends: What to Expect in October
The analysis shared on TradingView by an anonymous analyst, Babenski, explains the $18 increase shown in their chart. The analyst identifies the $5.8 low in mid-September as the accumulation range, which is not uncommon considering the significant buying that occurred when the LINK price fell to $5.8.
📈 Analyzing the recent $LINK price movement, we've noticed a Spinning Top rejection of a rising wedge formation. What does this mean for traders and investors? A thread 👇#LINK #risingwedge #spinningtopcandle pic.twitter.com/cccsjAIAva
— JohnExmoStudy (@crosco_john) September 21, 2023
This accumulation led to the support generated shortly after, which was a starting point for the rally towards $8. The analyst predicts a further increase in the LINK price, estimating that it could rise by another 130% if it follows the expected trend, with the rally potentially peaking at $18.
At just above $8, the first obstacle for LINK is a retracement, which it is currently experiencing after almost reaching that level. Based on the analyst’s chart, the price may drop more before rebounding and then surging to $18.
Although no specific timeframe has been given, it is more probable for this to happen in October or November, as September ends.
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The surge in accumulation has mainly been attributed to large holders of LINK, known as whales. A well-known crypto analyst shared a chart displaying that these whales, possessing between 10,000 and 1,000 coins, have been the primary purchasers. In weeks, these whales have purchased over 7.5 million tokens, amounting to approximately $53 million spent on LINK.
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As the LINK price has increased, these holders are seeing profit on their investment, which could explain the recent dip in the LINK price. However, the digital asset remains bullish, as the whales still hold over 206 million coins, indicating that they are not interested in selling at present prices and are potentially waiting for higher prices.
LINK has been the top-performing cryptocurrency among the top 20 by market cap, up by 15% on the 7-day chart.
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