The price of the popular decentralized finance token Chainlink (LINK) increased during the five-day period that ended on Monday.
Chainlink’s governance token rose to $ 11.90 in that range, marking the highest level this month. LINK established a local bottom at $ 7.28 on September 23rd. The level enabled the bulls to buy the token at discounted prices. As the accumulation survived the capitulation, the price rose, but hit a stubborn resistance wall in the $ 10.80-11.16 range.
On Monday, LINK went above the ceiling price in question. The DeFi token is considering further expanding its recovery as market conditions confirm as a whole. Here are three reasons LINK has exploded since October 7:
Balancing the Law of Sale
The long period of downward correction from LINK’s $ 20 valuation coincided with a series of big sales. A “developer address” associated with the Chainlink team has sold 500,000 LINK in a row. The frequency with which the whale unloads tokens has increased, especially after reaching record levels. The revenues went to a Binance wallet, but then the tracks disappeared. The nameless whale sold 500,000 LINK on Sunday. A growing backlog emerged among traders, leaving hints at local summits that they will continue to buy LINK. And the reason for the renewed bullish momentum lies in increased adoption.
Announcement of New Listings
Several mainstream cryptocurrency exchanges have deployed LINK pairs on their platforms in the past 48 hours. LINK-USDT Quanto started with the crypto derivative exchange BitMEX, which introduced its perpetual swap contracts. The Seychelles firm announced that they will offer 50 times leverage in the contract with its launch on October 16. “Like other quanto contracts, the LINK / USDT product will have a fixed Bitcoin multiplier regardless of the Tether / Chainlink price,” BitMEX said. This allows traders to extend or shorten the LINK / USDT exchange rate without ever touching the LINK or USDT. Earlier this Tuesday, European crypto exchange BitStamp announced plans to list LINK pairs on its platform. The announcement came after a similar LINK listing on the US-based OKEx exchange.
Price increases in the LINK market were also reflected in Chainlink’s increased presence in the DeFi space. The Oracle protocol creates an enormous line of future integrations (about 100 projects) and has signed more than 115 partnerships simultaneously. For example, LINK’s first signs of recovery came with a 30 percent price pump during the September 24-24 trading session. The increase briefly followed the announcement to enable LINK payments on Travala.com’s travel platform. However, Chainlink has become the de facto choice for DeFi platforms and applications that want to outsource their oracle needs.