- Derivatives and Spot trading volumes of Chainlink are showing different activity.
- The LINK crypto price has increased by more than 9,500% from its all-time lows.
Chainlink is a network of oracles that link real-world data to smart contracts on Ethereum. LINK is the token that pays for and secures the network. Chainlink enables various decentralized applications in finance, supply chain, and more. It was created by Sergey Nazarov and Steve Ellis in 2017.
The derivatives trading volume of Chainlink has witnessed an increase of more than 104% in just the last 24 hours. This results in a traded volume worth $1.15 Billion and the open interest has declined by 24.74%.
Despite the rise in the derivatives trading volume, the spot trading volume has declined by 34%, resulting in a value of $509.601 Million. The market cap of the LINK crypto has increased by 4.74%.
The current market cap of Chainlink crypto is worth $8.18 Billion and the market cap ranking of the LINK crypto in the global cryptocurrency market is 14th. Moreover, the volume/market cap ratio of the crypto is 0.0748 while the market cap dominance of LINK is 0.459%.
Chainlink Blockchain Data Overview
The current token price of Chainlink is $14.29 and the fully diluted valuation of the crypto is $14.289 Billion. Moreover, the token liquidity of Chainlink is $76.33 Million and the annualized fees is worth $3.16 Million. Also, the recorded revenue of the crypto is $1.58 Million.
LINK Crypto Technical Analysis
After consolidating in a tight range for more than a year, the LINK crypto has broken above the consolidation zone and is currently rising to higher levels, making bullish price action the charts.
Moreover, it is currently taking pause and is accumulating the price and volume, leading to a small volatile zone. If the crypto price further breaks above the level of $18.30, we might get to see further increases in the price.
LINK/USD Chart by TradingView
The LINK crypto is trading with a golden cross of the 50-day and the 200-day EMAs. The price is also situated above both the EMAs and has broken above the rolling VWAP.
The RSI is also giving a bullish signal. Currently it is at a level of 63.86 and is slightly below the 14-day SMA. Despite the decline below the SMA line, the RSI has recently hit the overbought zones.
Conclusion
Chainlink is a leading oracle network that connects real-world data to smart contracts. LINK is the token that powers the network and its value has surged by over 9,500% from its lows. The crypto has broken out of a long consolidation and is poised to reach new highs, as suggested by the bullish technical indicators.
Technical Levels
Support Levels: $5.00 and $9.60
Resistance levels: $18.260 and $33.940
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
Dr. Naveen Singh is an entrepreneur with achievements in sports, academics, healthcare, innovation, blockchain technology, telecommunications, and philanthropy. He is the Co-Founder and Chief Executive Officer (CEO) of Inery, the first layer-1 blockchain programmed for database management. With Inery, he aligns with his vision of a new paradigm for data to empower web3 and complete decentralization.