Chainlink has remained bullish despite the bearish pressure in the broader crypto market. The crypto closed bullish at $7.4 yesterday, September 26, with over 7% increase.\u00a0<\/p>\n
LINK remains bullish, with an 11% seven-day price increase and over 2% gain in the last 24 hours. But while the token\u2019s price continues to increase, data shows the trading volume has declined 17% in the last 24 hours. What could be the reason behind this contradiction?<\/p>\n
In an X post on September 24, Chainlink network announced it had recorded multiple integrations<\/a> across six blockchains. These include Arbitrum, Ethereum, Optimism, Avalanche, Polygon, and BNB Chain.<\/p>\n Also, yesterday, September 26, gaming platform BetSwirl announced<\/a> that it integrated Chainlink\u2019s CCIP across Ethereum, Polygon, Avalanche, and Arbitrum. According to the post, this CCIP integration will help \u201cBetSwirl enable seamless, secure, and reliable cross-chain token transfers\u201d<\/p>\n Related Reading: XRP Price Analysis: 4-Month Chart Dynamics Decoded By Crypto Analyst<\/a><\/p>\n This increased adoption across multiple chains expanded Chainlink\u2019s user base, a plausible factor behind LINK\u2019s resilience amid the prevailing bearish market.<\/p>\n Although LINK briefly slipped off the $7.5 level to $7.3 yesterday, it has since recovered momentum. Given the ongoing movement, the crypto asset could break the $7.8 resistance and record higher highs soon.<\/p>\n Meanwhile, Chainlink (LINK) is number 3 among the top weekly gainers after CRV and PEPE. It has also secured a position on the top daily gainers\u2019 chart.<\/p>\n Although the price strides are bullish, the trading volume, down 17%, raises concern about whether LINK can sustain the rally. It indicates reduced trading activity, a possible sign that buyers have reached saturation and paused to weigh their next move.\u00a0<\/p>\n This setup bodes badly for LINK as it could signal the entrance of sellers, which will exert downward pressure on the token\u2019s price.<\/p>\n According to Santiment\u2019s report<\/a> on September 24, Chainlink remains one of the best-performing cryptocurrencies in September. It outlined that, unlike most assets, LINK\u2019s price often records an initial boost when holders move their tokens from exchanges.<\/p>\n Santiment noted that the asset\u2019s price increased 23% in two weeks as the exchange supply flowed back to cold wallets. Also, the analytics platform reported that LINK exchange supply increased by 17.2%, reaching a 2023 high on September 14.<\/p>\n However, on September 24, 10 days later, the token\u2019s exchange supply dropped to 16.4%. This observation is a plausible reason behind Chainlink\u2019s declining trading volume.\u00a0<\/p>\n Meanwhile, as of the time of writing, LINK trades at $7.64, with a 2.88% price increase in the last 24 hours. The token trades<\/a> above the simple moving averages of $6.494 and $6.719 and two key support levels.\u00a0<\/p>\n LINK is approaching the overbought area, forming a bullish candlestick as buyers vie to conquer the $7.823 resistance.<\/p>","protected":false},"excerpt":{"rendered":" <\/p>\n Chainlink has remained bullish despite the bearish pressure in the broader crypto market. The crypto closed bullish at $7.4 yesterday, September 26, with over 7% increase.\u00a0<\/p>\n LINK remains bullish, with an 11% seven-day price increase and over 2% gain in the last 24 hours. But while the token\u2019s price continues to increase, data shows the trading volume has declined 17% in the last 24 hours. What could be the reason behind this contradiction?<\/p>\n In an X post on September 24, Chainlink network announced it had recorded multiple integrations<\/a> across six blockchains. These include Arbitrum, Ethereum, Optimism, Avalanche, Polygon, and BNB Chain.<\/p>\n Also, yesterday, September 26, gaming platform BetSwirl announced<\/a> that it integrated Chainlink\u2019s CCIP across Ethereum, Polygon, Avalanche, and Arbitrum. According to the post, this CCIP integration will help \u201cBetSwirl enable seamless, secure, and reliable cross-chain token transfers\u201d<\/p>\n Related Reading: XRP Price Analysis: 4-Month Chart Dynamics Decoded By Crypto Analyst<\/a><\/p>\n This increased adoption across multiple chains expanded Chainlink\u2019s user base, a plausible factor behind LINK\u2019s resilience amid the prevailing bearish market.<\/p>\n Although LINK briefly slipped off the $7.5 level to $7.3 yesterday, it has since recovered momentum. Given the ongoing movement, the crypto asset could break the $7.8 resistance and record higher highs soon.<\/p>\n Meanwhile, Chainlink (LINK) is number 3 among the top weekly gainers after CRV and PEPE. It has also secured a position on the top daily gainers\u2019 chart.<\/p>\n Although the price strides are bullish, the trading volume, down 17%, raises concern about whether LINK can sustain the rally. It indicates reduced trading activity, a possible sign that buyers have reached saturation and paused to weigh their next move.\u00a0<\/p>\n This setup bodes badly for LINK as it could signal the entrance of sellers, which will exert downward pressure on the token\u2019s price.<\/p>\nPrice Surge Drops Chainlink (LINK) Supply On Crypto Exchanges<\/h2>\n
Chainlink Price Continues To Surge<\/h2>\n
Price Surge Drops Chainlink (LINK) Supply On Crypto Exchanges<\/h2>\n