{"id":181494,"date":"2023-09-18T13:41:20","date_gmt":"2023-09-18T13:41:20","guid":{"rendered":"https:\/\/precoinnews.com\/?p=181494"},"modified":"2023-09-18T13:41:20","modified_gmt":"2023-09-18T13:41:20","slug":"link-notches-6-in-one-day-as-market-rebounds-whats-next","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/link-notches-6-in-one-day-as-market-rebounds-whats-next\/","title":{"rendered":"LINK Notches 6% In One Day As Market Rebounds, What&#039;s Next?"},"content":{"rendered":"<p><span>Oracle service provider Chainlink native token LINK has surged today as the crypto market records a significant uptick.\u00a0<\/span><span>The cryptocurrency is up by 9.02%, <\/span><span>trading<\/span><span> at $6.80 with a trading volume of $198 million, representing an over 179% increase in the last 24 hours.<\/span><\/p>\n<p><span>One of the factors likely to affect LINK&#8217;s price growth in the coming days is the massive movement of tokens from the network&#8217;s wallet to exchanges. <\/span><span>On September 16, four wallets associated with Chainlink <\/span><span>transferred<\/span><span> 18.75 million LINK tokens across various platforms, amounting to $119 million.\u00a0<\/span><\/p>\n<p><span>These wallets were originally intended for holding tokens that were not yet in circulation. But recently, around 15.7 million LINK tokens (approximately $100 million) left these wallets headed straight to Binance. <\/span><span>Furthermore, 3.05 million LINK tokens (roughly $19 million) left the wallets in a multi-signature wallet identified as 0xD50f.<\/span><\/p>\n<p><span>Following these significant on-chain activities and potential implications, investors are eager to see how LINK price will react.<\/span><\/p>\n<h2>LINK Breaks Above $6.3 Resistance Level<\/h2>\n<p><span>LINK is in an uptrend, forming a bullish engulfing pattern to break above the $6.3 resistance level.\u00a0<\/span><span>Although LINK is still below its 200-day Simple Moving Average (SMA), today&#8217;s green candle has broken above the 50-day SMA, showing increased pressure from buyers.\u00a0<\/span><\/p>\n<p><span>The buyers at the $6.1 support level have forced the crypto coin to rally after the brief retracement between September 16-17. <\/span><span>Also, the Relative Strength Index (RSI) displays a value of 58.00, rising from the neutral zone and approaching the overbought region of 70.\u00a0<\/span><\/p>\n<p><span>LINK has overcome the $6.3 resistance level today. Therefore, the buyers will likely sustain the rally in the coming days.\u00a0<\/span><span>Furthermore, the Moving Average Convergence\/Divergence displays a strong buy signal confirmed by its green Histogram bars.\u00a0<\/span><\/p>\n<p><span>The cryptocurrency will likely record more price gains in the coming days if the buyers continue to accumulate the tokens. <\/span><span>However, the unlock and transfer of <\/span><span>21 million LINK tokens<\/span><span> on September 16 could lead to a brief retracement in the long term when the buyers relent.<\/span><\/p>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/www.tradingview.com\/x\/FQw1nc2R\/\"><\/p>\n<h2>Whales Increase Holdings After Swift Test<\/h2>\n<p><span>Since August 31, when Chainlink entered into a partnership with Swift and other companies, LINK has exhibited positive market moves. <\/span><span>The interbank communication system <\/span><span>Swift<\/span><span> and Chainlink, successfully transferred tokenized value across various private and public blockchains in an experiment.\u00a0<\/span><\/p>\n<p><span>The positive development boosted investors&#8217; confidence in buying more LINK tokens, potentially pushing the token&#8217;s value up. <\/span><span>On September 7, <\/span><span>Santiment<\/span><span> noticed that Chainlink&#8217;s top-tier holders, those with 10,000-100,000 LINK tokens, were actively increasing their holdings.<\/span><\/p>\n<p><span>The number of wallets holding 10,000 to 100,000 LINK tokens increased to 3,127, the highest since December 3, 2022. These wallets collected $9.6 million worth of LINK in just three days<\/span><span>, 0.154% of the total supply. Additionally, Santiment&#8217;s report showed that 98 new wallets in this category were created.<\/span><\/p>\n<p><span>On September 9, a crypto expert, Ali,<\/span><span>\u00a0revealed that these whales<\/span><span> bought more than 4 million LINK coins, amounting to $24 million in just 10 days.<\/span><\/p>\n<p><span>These accumulations show heightened investor interest in Chainlink and will likely drive demand, thereby increasing the token&#8217;s price in the coming days.<\/span><\/p>\n<p>Source: <a href=\"https:\/\/www.newsbtc.com\/news\/chainlink\/chainlink-link-notches-9-in-one-day-as-market-rebounds-whats-next\/\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oracle service provider Chainlink native token LINK<\/p>\n","protected":false},"author":3,"featured_media":181493,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>LINK Notches 6% In One Day As Market Rebounds, What&#039;s Next? 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