Chainlink flips BTC volume on major exchanges such as Coinbase after it was caught up in an intense bull run over the past few weeks. Following the latest Chainlink news, we can see that the altcoin was outperforming most of the coins on the market and secured the spot as the sixth biggest digital asset by market cap.
The analysts are seeing that Chainlink flips BTC volume on Coinbase pointing out to a growing interest from traders to gain more exposure to the token. As for where the asset is going next, they are setting their sights on $20. Chainlink saw a huge gain over the past few years which only bucks the wide-bear trend incurring more parabolic cycles. The strong momentum extended in 2020 and LINK climbed the ranks becoming the sixth biggest crypto by market cap.
The cryptocurrency was able to rally up to new highs of $14 on most platforms before it faced a huge influx of selling pressure which caused it to retrace. The momentum drew a lot of attention from crypto investors and LINK’s trading volume outpaced that of BTC on Coinbase. Analysts are now setting their bets on the further upside for the token.
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At the time of writing, LINK was trading up over 20% at a current price of $13.00. This is around the price level at which the cryptocurrency started consolidating after its surge of $14.
After facing a rejection here, LINK declined down to lows of $12.50 before setting strong support that stopped its drops. As for the next trend, one analyst believes that a move towards $14.00 is now shifting towards $20 as a new logical target that the coin could soon reach. He stated observing the charts:
“Next logical target $20.”
The charts that the analyst was referencing showed that the latest parabolic movement seems to have come about as a result of the recent descending break of the trendline. One interesting result of the volatility was the surge in LINK’s volume. As another analyst observed, LINK’s trading volume on Coinbase is now higher than the one of Bitcoin on the platform:
“LINK volume has now flipped BTC volume on Coinbase ($145m vs $95m) and is almost at par with BTC volume on binance.”
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