Chainlink (LINK) Tops $20 in 2-Year High, But What is Driving Momentum? 



After a solid week of gains, crypto markets are taking a breather, but one digital asset continues to make price progress. Chainlink (LINK) has reached a two-year high of $20 as whales continue to accumulate the asset. 

Chainlink’s native token has reached its highest price since January 2022, topping $20 for the first time in two years.

LINK hit an intraday high of $20.69 during the Monday morning Asian trading session, according to CoinGecko. However, it has since dipped back below the psychological price level but has reclaimed it again at the time of press. 

LINK has gained more than 40% over the past month, making it one of the best-performing crypto assets at the moment. 

On February 11, blockchain analytics outlet Lookonchain reported that the price of LINK has increased by around 15% since it was first accumulated by a “mysterious whale.”

Moreover, it reported that the whale has accumulated 5,587,368 LINK worth around $112 million from Binance via 55 addresses in the past six days. 

Chainlink whale accumulation. Source X/@lookonchain

The Chainlink narrative has spread across crypto social media with bullish comments from prominent influencers and investors.

On February 11, “Satoshi Flipper” said LINK price action “is something for the history books,” adding that there is “still an easy 10X from here,”

“It’s not only one of the most important projects in the space, but it’s also one of the most undervalued and one of the least risky. I’m super comfy parking as much capital as I want there.”

Read more: How To Buy Chainlink (LINK) and Everything You Need To Know

Meanwhile, “ChainlinkGod” added his plug for the network, saying it has,

“Real-world utility, established network effects, a massive target market, and a principled engineering philosophy.” 

Chainlink also shared an adoption update over the weekend. The team reported that there were new chain integrations, including Dypius, Eigenpie, Origin Protocol, Paxos, UKISS Technology, Umami DAO, and Volley Token. 

It also announced that there were seven integrations of four Chainlink services across seven different chains. These were Arbitrum, Avalanche, Base, BNB Chain, Ethereum, Optimism, and Polygon.

Other Altcoin Gainers

The majority of the altcoins were in the red during the Monday morning trading session in Asia. However, there were a handful of them joining Chainlink in posting gains today.

These included Bitcoin Cash (BCH) trading up 1.4% on the day at $271. Immutable (IMX) had made an impressive 9.3% on the day to reach $2.98.

Immutable (IMX) price chart 1M. Source: BeinCrypto
Immutable (IMX) price chart 1M. Source: BeinCrypto

Meanwhile, Near Protocol (NEAR) and Stacks (STX) had grabbed a percentage point gain each.

The largest losses of between 3% and 4% were Solana (SOL), Cardano (ADA), Avalanche (AVAX), and Cosmos (ATOM).

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The post Chainlink (LINK) Tops $20 in 2-Year High, But What is Driving Momentum?  appeared first on BeInCrypto.





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