Chainlink spikes to 9%; Here’s why

Chainlink’s price rise has gained a lot of traction in the last 24 hours. With a 24-hour trading volume of $484,871,967. Chainlink is currently trading at $6.48 USD. In the past 24 hours, Chainlink has increased by 8.98%.

The reason behind Chainlink price increase

As per the report, in the last 24 hours, close to 15 million were transferred to wallets associated with known crypto exchanges. This could be one of the reasons behind Chainlink’s price rise. Notably, with the increase in buying activity, Chainlink’s price shows bullish indications for the day. Buyers will have more options in the coming week, which is fantastic news. As the crypto market is green now, the uptrend is expected to accelerate further. However, we anticipate a correction in the coming hours before further improvement.

According to the prediction from Bollinger Band prediction, the top value for chainlink will be $8.83 which implies the highest resistance, and the lower value is at $4.85.

Chainlink’s token, LINK, has seen an increase in social activity since the company announced the protocol upgrade, Chainlink Economics 2.0. The project aims to improve access to Chainlink services and provide technical support in exchange for network fee commitments and other incentives to Chainlink service providers, such as stakers. However, the increased vibe on social media clearly reflect on the price of Chainlink.

Crypto market situation after FTX crash

Worthnotingly, following the FTX collapse, cryptocurrency prices began to fall, and the cryptocurrency market lost over $1.4 trillion. The global market capitalization of all cryptocurrencies fell by 10.85% over the previous night and is now around $900 billion. Since a shocking run on billionaire Sam Bankman-FTX Fried’s exchange, the cryptocurrency industry has undergone significant change. FTX has most likely changed from what it once was, and Bitcoin has reached a two-year low. Over $1.4 trillion is lost in the cryptocurrency market.