Top Reasons Why Chainlink’s Rally will still continue
The Oracle platform Chainlink has been on a rising streak off late. There’s been a 35.7% spike in just the last 7 days. LINK’s price and trade volume has increased massively putting the token in the top 5 positions on the market cap chart.
As Chainlink price reached its All-time high of $44.40, it indicated a surge in network activity. Likewise, the number of $100K+ transactions increased too.
This brilliant rally could be catapulted as Chainlink has decided to launch more tamper-proof oracle networks.
Another factor to pump the prices is Chainlink’s recent collaborations with various other platforms i.e NewchangeFX, OddzFinance, and Polkamonorg which will enable developers to create DApps.
Chainlink 2.0 Whitepaper Release
A major price Influencer was the release of Chainlink 2.0 whitepaper yesterday, which describes hybrid smart contracts and other mechanisms to make Chainlink’s Oracle even more resourceful and strong.
The 2.0 whitepaper is already seeing positive responses and hype around it. This announcement sent the LINK price up 10% and is believed to help surge even higher.
However, the platform’s trade volume has decreased across exchanges, the price hike is currently supported only by its liquidity in the market. Now, the concentration by large Hodler’s is increasing with the price surge, which is currently 79%.
Furthermore, according to data, On-Chain sentiment is already bullish. The number of large transactions on the platform has surged by 5% and over 99% of Hodler’s are profitable. These are the indicators that the rally is not over yet and has a long way to go.
At the time of writing, LINK is trading at $42.93 with a market cap of $43.16B.