The cumulative transaction on Chainlink has recorded a new all-time high transaction volume totaling $30 billion, following a resurgence of LINK Marines activity in the crypto market.
This is according to data from Glassnode, which indicates that the Chainlink network has handled over $30 Billion in transaction volume following a steady rise since September 22.
“Cumulative $LINK Transaction Volume just went above %30,000,000,000. Current value: 30,005,175,590.”
Chainlink has closed month-long support between $10.80 and $11, an important area that could see the coin perform really well and reach the next level at $11.94 to $12, according to analyst Josh Rager.
“If Chainlink does perform well here the next area you want to watch is close to around $12, around $11.94 and then from there close to $13. Really it’s about a dollar level each way.”
While Link is currently trading at $11.16 after losing 3.10% in the last 24 hours, it is still within a positive performance range that makes it among the top 10 ten altcoins likely to go up in the next few days.
Chainlink is Bullish
Data from TradingView also gives a clearer indication of the direction of Chainlink’s price movement in terms of the moving average (MA), trade volume, short term resistances, and money flow index (MFI).
LINK has maintained a trading range above the 100-day and 200-day moving averages, which confirms a strong bullish sentiment. But the coin would need to breach and hold its next key resistance level at $11.50, indicated as a tough level by its 50-day MA. More short-term resistances at $11.80, $12, $12.37, and $12.46 are also to be expected.
Additionally, Chainlink’s Trade volume is in the green with a daily MACD showing the onset of a bullish trend. This indicates that traders can enter positions in the direction of the forming trend.
The last indicator is a 55 daily MFI, a neutral territory that could continue in either sideways or bullish direction.
LINK vs. BTC Volatility
The technical indicators all point to LINK performing better , similarly to ETH’s indicators. However, fundamental factors such as the volatility of Bitcoin’s price could change the forecast for LINK.
Bitcoin has regained high volatility in the last week, going as high as $11,700 before retracing to the current price of $11,414. Upcoming events like the US Presidential Elections and surprise announcements by President Trump are also expected to affect the crypto market and especially the price of BTC.