The surging volume, price discovery and many new partnerships is what pushed the LINK cryptocurrency up in the latest crypto news. We can see that the price of Chainlink surges 25% and has reached a new high on the markets, right after reaching an all-time high at $8.48.
Following the surge of 40%, the LINK momentum weakened but as the crypto updates now show, the price of Chainlink soared by more than 25% and is now very popular in the news. Our team of analysts at DC Forecasts is exploring all of the factors which helped with this push. Right now, we can see that it was the high-profile partnerships, price discovery, and strong momentum which currently drive the altcoin market.
On July 6, the price of LINK surpassed the previous record high at $5.31 and entered a price discovery phase, which followed many great upticks. This was also when LINK started breaking the records. Currently, Chainlink surges 25% and could extend its gains if the positive momentum continues.
As one prominent analyst named Michael van de Poppe posted on Twitter:
Personal target here at $7.10-7.25 reached since the tweets earlier.
Such a beast.
Just a matter of time until it reaches the next one at $10.
I think that's doable this year. pic.twitter.com/C3h4shnUjD
— Crypto Michaël (@CryptoMichNL) July 12, 2020
Once price discovery occurs and the asset begins to rally to a new peak, the probability of an extended uptrend rises. In only 7 days of the LINK price action, we could see the price of the coin rallying by more than 40% and going from $5.31 to $8.48.
The trading volume, as the Chainlink news showed, also rose and visited levels which were unseen since April 2020. This was a time when the price of Bitcoin (BTC) was recovering from an intense drop to $3,750. At the time, the demand for cryptocurrencies from retail investors on Coinbase also surged.
What is also very vital to the price action and the fact that Chainlink surges today are the new high profile partnerships. The co-founder of Chainlink, Sergey Nazarod, announced that the project partnered with Nexo, a crypto lender with more than 800,000 users to deploy its oracle solutions. He said:
“We’re excited to bring Chainlink’s secure and reliable oracle solutions to Nexo’s popular lending platform to enable users to independently verify on-chain the interest and collateralization rates they should receive.”
Besides this, the past few months saw Chainlink collaborating with many other blockchain projects and companies, including the Hedera Hashgraph and Matic Network. The project was also mentioned in a blog post released by Google about blockchain and cloud applications with Ethereum and Google Cloud.
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