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Chainlink Pumps 18%: Probable $X Valuation in the Future Inspired
Chainlink's price rose 18% in the last few hours, piquing interest from the cryptocurrency industry and raising speculation about a possible $10 valuation in the future. Since June 21, 2023, the price of Chainlink has risen sharply, increasing by 18% in 18 hours. At the time of the surge, at 7:15 a.m., Chainlink was trading at a price of $8.17. In the last 24 hours, trading volume reached $1.2 billion, an increase of 317%. Chainlink’s market capital is currently $4.4 billion. The development of…
Chainlink Pumps 18%: Probable $X Valuation in the Future Inspired
Chainlink's price rose 18% in the last few hours, piquing interest from the cryptocurrency industry and raising speculation about a possible $10 valuation in the future. Since June 21, 2023, the price of Chainlink has risen sharply, increasing by 18% in 18 hours.
At the time of the surge, at 7:15 a.m., Chainlink was trading at a price of $8.17. In the last 24 hours, trading volume reached $1.2 billion, an increase of 317%. Chainlink’s market capital is currently $4.4 billion.
Chainlink's development in 2023 started at a price of $5.4. After Bitcoin broke above $20 for the first time, Chainlink's price rose to $8.57. However, Chainlink was unable to maintain this price and its market value was negatively affected. In June, Chainlink price was around $5.37 before a short-term uptrend occurred. There have been two slight increases in the token recently, with the most recent increase being 2%.
Influential crypto influencers like Ash Crypto are currently asking their followers about their next moves, including whether they should close their long positions on Chainlink.
The reason for Chainlink's recent surge is uncertain as Bitcoin has abandoned its long-standing support at $30. However, this did not have a negative impact on Chainlink. Twitter searches suggest that Chainlink’s surge is related to the launch of Chainlink CCIP. Chainlink CCIP is a cross-chain interoperability procedure that helps with token transfers and interaction between different resources. It is currently available to the top five programmers on five different platforms. This suggests that programmers are confident and recognize Chainlink’s potential amid the current market moves.
It is questionable whether Chainlink can reach the $10 mark. It has struggled to break above the $10 price barrier since May 10, 2022 and its performance this year has been average. To reach the $10 mark, Chainlink would have to rise by more than 23%. However, historical trends suggest a possible decline after a sharp rise. The recent candlestick pattern indicates early signs of a decline with its reddish color.