The Chainlink price popped on Monday as investors remained optimistic about the platform. LINK jumped to $34.53, which was the highest level since May 28. It has risen by more than 160% from the lowest level since in July. It has a market capitalization of more than $14.95 billion, making it the 13th biggest cryptocurrency in the world.
The Chainlink price has done relatively well in the past few weeks as the demand for the coin has jumped. To be fair, a quick look at Bitcoin and other altcoins shows that most of them have been in a strong rally recently. This growth is mostly because if the renewed interest in digital assets as the Delta variant interferes with the strong recovery.
The LINK price is also rising after the developers enable Chainlink Keepers to automate key functions and event-driven tasks in a reliable and cost-efficient manner. Today, this product is being used by key DeFi platforms like Synthetix, Aave, Bancor, and BarnBridge, among others.
Meanwhile, on-chain data is sending mixed signals about activities in Chainlink’s ecosystem. The total number of addresses with a non-zero balance has risen to an all-time high. However, the number of active addresses has been on a bearish trend. Also, the total exchange inflow volume remains significantly
The daily chart shows that the LINK price has been in a major bullish trend in the past few months. The coin has moved above the key resistance level at $30. The price has moved above the 25-day and 50-day moving averages (MA). It has also moved above the inverted head and shoulders pattern.
Therefore, the path of the least resistance for the coin is to the upside. If this happens, the next key resistance level to watch will be at $40, which is about 20% above the current level.