Chainlink (LINK) experienced an impressive price increase that led it to reach new all-time highs, surpassing the $12.50 mark, a level not seen since April 2022.
This significant increase in the value of LINK reflects the bullish trend in the market and has generated great interest among investors.
One of the key factors behind this price movement is the increase in the number of Chainlink wallets that now hold at least 1,000 LINK tokens.
The most recent data reveals that the total of these wallets reached an all-time high of 27,152. This figure is an essential indicator of token distribution and investor sentiment.
The fact that more investors are willing to invest substantial amounts in LINK suggests a bullish optimism and a strong confidence in the cryptocurrency’s potential.
The Bullish Patterns of Chainlink
📈 #Chainlink has jumped all the way above $12.50 this weekend, crossing this threshold for the first time since April, 2022. The amount of wallets that hold at least 1K $LINK (currently worth $12,150 or more) has hit a new #alltimehigh of 27,152 wallets. https://t.co/yQ87RNZCPv pic.twitter.com/ZIBixZWP8D
— Santiment (@santimentfeed) November 5, 2023
A detailed analysis of the price charts shows a solid and consistent increase in the value of LINK over the past two months, with a 97% increment.
This bullish pattern is clearly visible in the trend lines, indicating a positive trend.
Furthermore, LINK surpassed both the 50-day and 200-day moving averages, which is a significant signal of the continuation of the bullish trend.
The technical indicators also support this trend. The overlapping moving averages and the increase in trading volume are signals of a positive sentiment and increased liquidity in the market.
These factors create a favorable environment for LINK’s price to continue breaking through new resistance levels.
The sustained price above the moving averages and the Relative Strength Index (RSI) remaining below the overbought zone indicate a healthy price action with room for additional growth.
In addition to the technical aspects, Chainlink’s ecosystem remains a strong point. The network continues to establish new partnerships and integrations, solidifying its position in the world of smart contracts.
The adoption of Chainlink’s oracles in the decentralized finance sector remains a powerful driver of the value of its native token, LINK.