By Solomon Odunayo
The Chainlink network has reportedly attained a new milestone in terms of cumulative transaction volume.
According to the on-chain data published by Glassnode a few hours ago, the Chainlink network has handled a total of $30,005,175,590 since its emergence in 2017.
The new milestone was shared on Twitter by Glassnode Alerts as follows: “Cumulative LINK Transaction Volume just went above $30,000,000,000. Current value: $30,005,175,590.”
Chainlink (LINK) Targeting $12 Resistance
According to CoinMarketCap, Chainlink (LINK) is – at the time of publication – occupying 7th position in the market in terms of valuation. Its excellent performance has pushed it above the top 10 cryptocurrencies such as Litecoin (LTC), Cardano (ADA), and Polkadot (DOT).
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Additionally, the important $8.80 support level that was attained earlier this month and maintained until now, has provided a good means for Chainlink (LINK) to bounce, reclaiming $10 psychological price level in the process.
Traders and investors are now looking forward to seeing the digital currency surpass $12 resistance. At the time of filing this report, LINK is trading at $11.14, with a 1.26% price downtrend in the last 24 hours.
In a means to determine the possible future of Chainlink in the cryptocurrency market, a chart of LINK/USDT was provided courtesy of TradingView:
As deduced from the above LINK/USDT chart:
- ChainLink is currently trading above the 100-day (yellow) and 200-day moving (green) averages thus confirming the bullish environment
- However, the 50-day moving average is providing considerable resistance at the current price level
- Trade volume is also in the green with the daily MACD still in bullish territory
- The daily MFI is at 55 which is neutral territory and could hint of either sideways or a continuation of the bullishness
- In terms of short term resistances, LINK is facing the following levels moving forward: $11.80, $12, $12.37, and $12.46
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Conclusively, over the last 24 hours, it can be observed that LINK experienced a brief price retracement after a surge to hit $11.50 price level. As traders and investors expect a possible price resurgence, they are advised to keep watching the Bitcoin (BTC) price trends that could have a negative impact on the hope of further positive movement.
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