Chainlink’s (LINK) reached a 22-month peak on Friday, putting an end to three months of subdued market activity for the decentralized Oracle network’s token.
The cryptocurrency, which ranked as the world’s 13th largest, surpassed $18 during European trading hours—its highest point since April 3, 2022. This surge reflected a 15% gain over 24 hours, as per CoinGecko’s data.
LINK’s price has climbed almost 30% within a week, outperforming major cryptocurrencies like Bitcoin and Ether. This upswing signifies a bullish breakout from the previous three-month trading range, which had confined it between $13 and $17.
Over time, Chainlink has become a crucial element in the foundational structure of the cryptocurrency industry. It plays a key role in linking blockchains with external data through its oracle system and extensive network of collaborations.
The total value of the US dollars locked in the quantity of active futures contracts associated with LINK has experienced a significant surge, more than doubling to reach a record-breaking $490 million.
In cryptocurrency terminology, open interest has witnessed a substantial 62% increase, reaching 27.51 million LINK. An uptick in open interest signifies a notable influx of new capital into the market. The simultaneous increase in price and open interest is considered a confirmation of the prevailing trend.