Chainlink (LINK) is in the midst of a price surge, after months of its price tumbling. At press time, LINK is trading at $12.24, up 17% in the last seven days. August was a troublesome month for the asset, however, several indicators are projecting this to be the start of a huge rise.
The overall market has recovered from the bear phase in August, with Bitcoin taking charge as the king coin in town. When Bitcoin surges in price, typically other coins in the industry follow, including meme coins and altcoins. Chainlink has been one of the biggest recent beneficiaries of this surge. Investors are eyeing additional gains as LINK continues to trade in a bullish trend.
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Chainlink (LINK) is the top altcoin on the cryptocurrency market. Numerous signs signaled this coming rise, and that currently reveals the surge will continue. The top altcoin is hovering above the $12 support level, indicating strong market sentiment and potential for further growth. Additionally, the Moving Average Convergence Divergence (MACD) shows a positive bullish momentum for LINK.
Furthermore, according to Coinglass data, Chainlink LINK’s trading metrics have significantly increased recently. The asset’s trading volume has surged by 31.54%, reaching $379.43 million. In addition, open interest has also risen by 17.32% to $187.68 million. When these two indicators rise parallel, it typically means heightened activity and liquidity in the market, which pumps price.
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