- LINK is at its most expensive level since over a month.
- Chainlink has seen a surge in volume and social dominance.
Chainlink [LINK] The price of the stock has increased and its momentum is being reinforced in an effort to reach its previous highs.
Discussions about Chainlink in the crypto-community have seen a similar upward trend.
LINK reaches a record-high for the year
AMBCrypto’s analysis of Chainlink’s The price movement on a weekly timescale showed an interesting development, as the price entered a brand new zone of price at the start of the week.
On March 10, LINK’s prices soared up to $21.7. This represents an 8.45% increase. Since January 2022 this level of price hasn’t been seen, after a steep decline.
As of the date this was written the price dropped over 1% but remained in the range $21.
Trading View
A daily Relative strength Index (RSI), for LINK, showed a value below 63. This indicates a strong bullish trend.
LINK’s bullish trend began in early 2009. Since then, it has tended to only spend a limited amount of time within the zone overbought. It was a sign that the price could continue to rise.
The latest insights from Lunar Crush Chainlink has seen a positive trend in social metrics and in volume, in line with the price surge.
These Chainlink metrics rise
Explore deeper into Chainlink’s AMBCrypto discovered that Santiment’s volume has soared. This chart shows that LINK exceeded the $1.2 billion mark for a second time during March.
On the fifth of March the first occurrence occurred, then on the eleventh, it was again over $1.2 billion.
LINK’s volume reached $1.3 billion at the moment of writing. This is the first month in which LINK has achieved this level.
Santiment
Further analysis of Chainlink’s Social Dominance revealed a notable uptick.
LINK’s dominance on social media reached a new high of almost 1% as we went to press. It was the highest level since over a fortnight.
Source: Trading View
LINK’s open interest shows positive signs
AMBCrypto’s view of Chainlink’s open interest Coinglass Cash inflows have also increased in the last few weeks.
Although the graph showed a brief drop, data as of the date this article was written indicated that there had been a considerable increase.
How Much Are 1,10,100 LINKs worth today?
LINK’s Open Interest, at almost $558 millions at time of press, demonstrated a heightened level of interest and engagement among traders.
The influx in buying pressure can be viewed as a positive sign that could lead to further increases in price.
Coinglass
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
Source: ambcrypto.com
