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- The market’s current rise has been extremely thrilling, especially for altcoins like Cardano, Solana, and LUNA, which have all reached new highs
- LINK has had an almost 116 percent increase in price since its low of $13 on July 20, yet it still lacked the social traffic during this rise. The value of social traction for alts cannot be overstated, and Chainlink’s social volumes had finally revealed new spikes at the time of publication
- When LINK eventually hit $31 at press time, it had had a nearly 5% decline and had seen its price consolidate
The market’s current rise has been extremely thrilling, especially for altcoins like Cardano, Solana, and LUNA, which have all reached new highs. Alternatives, on the other hand, achieved surprise advances at press time following some consolidation. Chainlink had a really good week last week. In fact, according to Chainlink’s most recent Twitter post, August was a monumental month for Chainlink.
The CCIP and Keepers mainnet launches were announced at SmartCon, and the Chainlink ecosystem now has an all-time high of 76 new integrations. The value of the 13th ranked alt increased by almost 30%, setting a new local high on the rankings. Chainlink’s lows and highs were both higher. However, it has lost about 5% of its value after hitting a two-month high of $31.75, as a bullish pattern appeared to be forming.
LINK has had an almost 116 percent increase in price since its low of $13 on July 20, yet it still lacked the social traffic during this rise. The value of social traction for alts cannot be overstated, and Chainlink’s social volumes had finally revealed new spikes at the time of publication.
The anticipation of an explosive move above $30 might have driven the increase in LINK’s social volumes when the price crossed the $30 level. Furthermore, the age consumed for Chainlink revealed several irregularities with the movement of old currencies. Spikes in token age eaten near a local surge, on the other hand, might indicate a reversal. However, with pricing remaining neutral at press time, the odds of a rally reversal were slim.
When LINK eventually hit $31 at press time, it had had a nearly 5% decline and had seen its price consolidate. Aside from that, LINK’s velocity was at an all-time low on August 31, reaching values last seen in December 2020. As a result, the alt’s on-chain transaction volume was minimal. However, a U-turn from the same was a promising indication.
The next few days are critical for LINK. Traders should be wary of patterns like a decline in active addresses in the coming days, especially because LINK’s active addresses are at an all-time low compared to the rise in May. Nonetheless, things appeared to be looking up for Chainlink, with the price of LINK breaking clear of a falling resistance line and the creation of a bullish breaker. The next objective for LINK would be the $35 level, but consolidation on the way up may push the price down to $27.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
