Chainlink (LINK) is defying the current market trend with a remarkable 14% increase in a key metric. While other cryptocurrencies are experiencing a negative reversal, Chainlink stands strong as the dominant Ethereum-based oracle protocol. In just 23 hours, LINK has seen a 3.18% rise to $18.54, while the combined market cap dropped by 0.62%, according to CoinMarketCap data.
But it’s not just the daily growth rate that’s impressive. Chainlink’s surge in volume is also significant, with a 14.74% increase. In recent exchanges, a total of $445,393,986 worth of LINK has been traded, making it the 21st most traded token in the market.
The retail market’s optimism for Chainlink is impacting the sentiment to buy. If this sentiment continues, Chainlink could decouple from the bearish Bitcoin twist and extend its daily bullish candle. Analyzing the LINK/USD 4H chart on TradingView reveals that the token is trading above its 50, 100, and 200 moving averages, a bullish indication.
Looking at the past month’s data, Chainlink has achieved an impressive 36.46% growth. Various factors have contributed to this significant uptick, including whale shifts and the value it adds as a dominant Oracle service provider. Chainlink plays a crucial role in enhancing the operational efficiencies of decentralized applications (dApps). Additionally, the protocol has formed strategic partnerships with top protocols to expand their interoperability reach.
Chainlink’s staking engine upgrade has also been a boon for the token, offering an enhanced way to bet on LINK and democratizing engagements across the board. With such positive developments, Chainlink stands out in the market, defying the current downward trend and paving the way for potential future surges.