Chainlink (LINK) recently became the sixth-largest cryptocurrency by market cap. With a $4.3 billion market cap at the time of writing, LINK holders believe a place in the top-five is imminent for the altcoin. But will it really happen?
The answer to that question lies in the way it got to be the sixth by market cap.
July 4 marked the beginning of a new dawn for LINK, more than 5,000 traders deposited almost four million LINK on crypto exchanges. That amount was about $19 million at the time. The deposits resulted in an increase in the circulation of LINK in exchanges. Later in July, the number of new LINK addresses spiked, reaching a new all-time high at the time.
Three weeks ago, LINK finished the week in the top 10 against all the odds. One record was set before its appearance in the top 10, that is, LINK reaching an all-time high of $8.33.
LINK price surge continued with another all-time high reached. On August 9, the price of LINK reached $14.35, which is the all-time highest ever recorded. At the time of writing, a LINK is worth $12.52 and has shred 8% of its price value in the last 24 hours.
On the 7-day chart and 14-day chart, the altcoin counts a %36, and 74.8% gain respectively. On the yearly chart, Chainlink (LINK) also recorded a gain of 452.9%.
If the current traders’ interest in LINK keeps increasing, then LINK may be heading to the top five. This may mean that Bitcoin Cash (BCH) will have to relinquish its position, although a $1 billion gap separates the two based on CoinMarketCap data.
Interestingly too, the BCH camp is already in crisis mode, with spectators predicting an adverse price action ahead of a controversial network upgrade in November.
It is also worth mentioning that LINK would need to sustain its bullish momentum at least for a few more weeks, or risk losing its new position.
Chainlink (LINK) Price Analysis
Key Resistance levels: $14, $15.
Key Support levels: $5.88, $6.51, $9.11, $12.59.
The resistance levels that could be broken soon is the $14 resistance level. This resistance level has been broken and surpassed several times. If the market gets bullish again, then the resistance level may be broken. However, the $15 resistance level has never been tested but will be if the market conditions are right.
All of the support levels are strong, although the $12.59 support level is currently being tested at press time. This is the first since that level was broken as a resistance. Meanwhile, the $5.88 range is a new long term support level that has not been tested for weeks now.
