The digital currency LINK hits its highest level in 3 months… Find out why it is rising!
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Answer The digital currency LINK hits its highest level in 3 months… Find out why it is rising!
The price of the digital currency “Chainlink”, which stands for “LINK”, rose to a new high in the last 3 months at $ 35.08, after the price of the digital currency rose by more than 112% in the past six weeks.
The altcoin is up 13% in the past 24 hours and is also trading above the 200-MA, indicating a strong bullish recovery.
The altcoin “LINK” is up 38% in the last 7 days and appears to mimic a similar price pattern to that of Cardano and Solana.
What is the reason for the rise in the price of the digital currency “LINK”?
Many believe that the increase in development activity on the “Chainlink” blockchain is one of the main reasons behind the recent rally in the coin’s price, as the coin’s price aims to approach all-time highs it achieved in May at $52.88.
Read:Ripple CEO: I’m excited about the development of the case but the wheels of justice are slowly moving
LINK development activity increased, which reflected positively on the price of the currency, and it could also be the opposite.
And the “Chainlink” project coin is not the only one that has risen at high rates, as it was preceded by the digital coin SOL, ADA and LUNA.
Can LINK catch up with Solana?
During the first bullish cycle, different cryptocurrencies with similar use cases grew and rose to all-time highs.
First Bitcoin and Ethereum soared to new highs and then the old cryptocurrencies from 2017.
This was followed by a rise in the prices of currencies supporting the non-fungible tokens NFT, which we touched on in the Arab Bitcoin.
Now that altcoins are taking over, it looks like the Ethereum killers and “oracle” projects are on the rise.
LINK has breached the main range and may see a possible rally in the coming days.
The LINK coin is currently down 35% from its highs, but given the growing momentum, it could hit a new high in the coming months and many believe it could trade in three figures by the end of the year.
Read:Ledger Wallet Adds Support for Ethereum-Based Coins – ERC20
The altcoin just flipped the litecoin market cap to rank 12th in the ranking coinmarketcap.
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