Chainlink leads crypto gains with almost 9% rally 📈

7:44 AM 18 September 2023

Chainlink is leading the cryptocurrency market's gains today and is recording the highest volatility of any asset traded on Monday morning. The cryptocurrency is already gaining nearly 9%.

  • Chainlink was the central 'crypto' asset tested by SWIFT, the global leader in international bank transfers. ANZ (Australia and New Zealand Banking Group) used the cross-chain Chainlink to test its issued stablecoin A$DC
  • A number of cryptocurrency wallets of HODLers storing more than 15 million LINK tokens (more than $100 million) have deposited their reserves on the Binance exchange over the past few days, raising concerns about impending selling and pressure on the price. Similar activity took place in early March, moments before the price drops.  However, these concerns have not materialized so far, and Chainlink's price is rising;
  • While Lookonchain's analysis indicated that large portfolios have been regularly depositing LINK on Binance since August 2022 (nearly 72 million tokens worth nearly $450 million), BeInCrypto indicated that whale addresses have bought nearly 4 million Link tokens in the last 10 days, spending more than $25 million;
  • This fueled speculation about a potential speculative move (a massive transfer to exchanges) to 'scare the market' into picking up LINK at lower prices.

Will Chainlink (LINK) Price Change Course as New Users Troop in | Network Growth, Sept 2023.

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The increases in Chainlink's price occurred at a time when blockchain network usage and activity increased. They could potentially have been supported by news of SWIFT expirations and interest from ANZ. Source: Santiment

CHAINLINK held key support at the 71.6 Fibonacci retracement of the June upward wave, and now the road to the 38.2 Fibo level at $7.07 may be open. Source: xStation5

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