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Chainlink (LINK) soars over 6% in 24 hours amid bear market; Here’s why

Chainlink (LINK) soars over 6% in 24 hours amid bear market; Here’s why

Most of the cryptocurrency sector is back in the red, but some digital assets are defying the current bearish climate on the market, including Chainlink (LINK), which is recording advances across multiple charts.

Indeed, LINK is changing hands at the price of $8.78, gaining 6.48% in the last 24 hours. The token is also recording a weekly increase of 13.16%, as well as on its monthly chart, where it notched an increase of 16.12%, as per data retrieved on November 8.

Chainlink 24-hour price chart. Source: Finbold

With its most recent daily growth, Chainlink has made it to the top of the 24-hour gainers list among the top 100 cryptocurrencies by market capitalization, according to the latest CoinMarketCap data.

Top cryptocurrencies by 24-hour gains. Source: CoinMarketCap

Moreover, its market cap grew from $4.07 billion to $4.33 billion, which means that $260 million was poured into it within a single day – a 6.38% increase. Across the week, its market cap rose by 13% or $500 million. Taking this indicator into account, Chainlink is currently the 20th largest decentralized finance (DeFi) asset.

Chainlink 7-day market cap chart. Source: CoinMarketCap

It is also worth noting that crypto analytics platform Santiment earlier stated that Chainlink had soared above $9.20 for the first time since August 13th “despite very volatile markets,” adding that “this rise has been supported by the largest amount of active LINK addresses in 5 weeks, and addresses are longing aggressively.”

Chainlink price, address, and funding activity. Source: Santiment 

In terms of the predictions for its future, the crypto trading expert and analyst Michaël van de Poppe is bullish and expects that Chainlink’s native token could hit the target of $15 in the coming months, as he tweeted on November 6.

Notably, the prominent trader has stated in the last few weeks that purchasing LINK between $6 and $8 is the ‘opportunity of a lifetime,’ as Finbold reported.

That said, the crypto community at CoinMarketCap has expressed a bearish sentiment on the token’s future price, predicting it would trade at a median price of $7.36 by the end of November and $7.27 on December 31, 2022.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk. 

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