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The Chainlink price is up 0.55% in the last 24 hours to trade for $20.17 as of 6:50 a.m. EST time even as trading volume plunged 22%.
Over the last week, the Chainlink price has jumped 11%, with LINK also soaring 34% in a month. That has catapulted the altcoin to the tenth position on CoinMarketCap’s list of crypto tokens by market capitalization, and pushed Dogecoin (DOGE) outside of the top 10.
🔥 Just In: Chainlink's LINK Surpasses Dogecoin as 10th Largest Cryptocurrency amidst Price Surge
For more details, visit: https://t.co/bCXfNVZQge#LINK #price #Chainlink #Breaking #CryptoNews
— Algoine (@algoine) February 13, 2024
Some analysts attribute the surge in Chainlink price to a huge transaction by a large holder. Data according to IntoTheBlock shows that LINK whale transactions greater than $100,000 totaled more than $1.29 billion over the past week. As indicated in the chart below, there have been more exchange outflows than inflows over the same duration. This suggests that the current holding sentiment from LINK traders is stronger than an intention to sell.
IntoTheBlock’s exchange metric shows that $260.50 million worth of LINK was withdrawn from exchanges in the past seven days. This is compared to the $160.92 million in inflows.
#Chainlink Takes Over #Dogecoin In Key Metric As Mysterious Whale Pushes #LINK Upwards https://t.co/DgbY58TwPt
— Cryptolid.io (@Cryptolid_io) February 13, 2024
Others anticipate more gains for the Chainlink price, saying that it could sustain the uptrend. The token is up 16% since February 9. According to the analyst, it could breach the $21.00 resistance level soon, to bring $25.00 into focus.
Analysis suggests Chainlink (LINK) is poised to sustain its upward trajectory, having surged 16% since February 9, overtaking Dogecoin (DOGE) to claim 10th position in crypto market cap, with potential to breach $21 resistance and target $25, based on ascending parallel channel…
— BitcoinWorld Media (@ItsBitcoinWorld) February 14, 2024
Chainlink Price Prognosis As Large Holders Drive LINK
The Chainlink price is trading with a bullish bias after breaking a multi-month consolidation between $13.08 and $16.86. The token is confronting resistance due to the upper band of the Bollinger indicator at $21.70.
From a technical standpoint, the Chainlink price could drop considering the Relative Strength Index (RSI)is about to call a sell signal. This will be executed once it crosses below the signal line (yellow band).
If traders heed this call, the Chainlink price could drop, going as low as to test the centerline of the Bollinger indicator at $17.62. Below this, the altcoin could find support due to the $16.86 support, or in a dire case, extend a leg down to the lower band of the Bollinger indicator at $13.55.
In a dire case, the Chainlink price could revisit the bottom of its previous market range at $13.08, levels last tested on January 8.
TradingView: LINK/USDT 1-day chart
However, it is impossible to ignore the fact that LINK bulls continue to maintain a strong presence in the market. The large volumes of green histogram bars of both the Moving Average Convergence Divergence (MACD) and the Awesome Oscillator (AO) show this. Beyond that, the MACD is still moving above its signal line (orange band), showing that the market is still leaning in favor of the upside.
If the bulls increase their buying pressure, the Chainlink price could push north, clearing the range high at $20.85. In a highly bullish case, the altcoin could extend the climb to the $24.00 psychological level. Such a move would constitute a climb of around 20% above current levels.
Meanwhile, many investors are looking at Sponge V2, a veteran in the meme coin sector that took the stage following the discontinuation of its forerunner, Sponge V1.
https://www.youtube.com/watch?v=Y6EJciJch5M&pp=ygUJc3BvbmdlIHYy
Promising Alternative To Chainlink
Sponge V2 is a formidable contender in the meme coin sector, with analysts saying it could record exponential gains at launch. The token recently migrated to the SPONGE V2 Polygon version of the digital asset, a move that was accelerated because of a recent malicious attack on its liquidity pool.
📣 Attention, #SPONGERS!
Here is some important information to remember about $SPONGE V2!$SPONGE V1 has officially been discontinued, and V2 has been launched on #Polygon! 🔥
Learn more about the token details below 👇https://t.co/TCdxgXx40w
🧵1/3 pic.twitter.com/YZzXOlKmHY
— $SPONGE (@spongeoneth) February 6, 2024
Earning Sponge V2 is easy, particularly for Sponge V1 holders. All they need to do is stake their holdings. Investors who buy and stake the token now will receive a special V2 token bonus. The transition is achieved through a unique distribution mechanism, wherein Sponge V1 tokens are permanently locked in a staking contract.
📘 Visit our website and stake your $SPONGE to be part of V2's TAKEOVER.
Simple steps to significant rewards!
GO GO GO! 🧽💦💦#CryptoStaking #SpongeV2 #Web3 pic.twitter.com/3TF0HZIT9k
— $SPONGE (@spongeoneth) January 18, 2024
According to analyst and YouTuber Jacob Bury, Sponge V2 could record 100X gains at launch, like its predecessor, Sponge V1.
More than 8.281 billion SPONGE tokens have been staked for 195% staking rewards per annum. Staking helps reduce token supply by removing the tokens from circulation, thereby tilting the supply-demand dynamics in favor of demand. To acquire $SPONGEV2, the stake-to-bridge utility is the exclusive method, which distinguishes it from a standard presale.
Exciting news, #SPONGERS! 🧽🧽
The $SPONGE V2 liquidity pool has now been locked!
Click the link below for more details. 🚀
👉https://t.co/49B2LztcC8#SpongeV2 #SPONGE #MemeCoin #Crypto #100x pic.twitter.com/mVh8OT4982— $SPONGE (@spongeoneth) February 7, 2024
Sponge V2 token will soon list on multiple exchanges. Before then, the staking function gives you amazing opportunities to earn passive income. Buy and stake Sponge V2 to start earning rewards today.
Visit the Sponge V2 website here.
Also Read:
- Top Meme Coins to Buy For The Upcoming 2024 Bull Run – $SPONGEV2, $SMOG, $MK
- $SPONGE Migration Complete – Will It Reach 10x, 100x Potential on Polygon?
- $SPONGE Meme Coin Launched on Polygon Network – Is This The Next 100x Token?
- Top Meme Coin Surges 13% In A Week As Investors Gear Up for 11 PM Sponge V2 Bridging Deadline – Stake Now, Time Is Running Out!
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