Chainlink (LINK): What NFT Volume Surge and LINK’s 30d High Mean for Traders
Chainlink climbed towards a 30-day high, exploring the $8.80 value area. Such developments saw its NFT volume hiking to new peaks following severe declines on November 2. Surprisingly, that came after the crypto revealed the launch of a digital collectible.
Chainlink confirmed integrating three NFT collections through its Ethereum and Polygon sub-chain. Announced via its Daily Wrap-up, the oracle platform revealed Sigma on Katlyn, Gustave’s NFT, and ItsDigits as the latest alliances.
The Story of Non-Fungible and Fungible
Santiment revealed that the NFT volume stood at $1.33 million during this publication. Also, the on-chain analytic site confirmed that the November 1 volume surge plummeted substantially within the past four days. Nevertheless, traders rejuvenated their LINK’s interest as press time volume surpassed November 3 levels.
Meanwhile, the improved volume contributed to Chainlink’s price surge. Santiment confirmed the metric hit $865.85 million, following a 19% surge. The uptick indicated that market players chose the alt as a coin to complete transactions, regardless of loss or profit. Besides the volume surge, the exchange supply showed Chainlink’s pump pushed investors to attempt profit-taking.
The exchange supply stood at 174.74 million during this publication. Considering the surging flow rate, LINK investors could have been selling their latest gains. Therefore, LINK might suffer selling that would ease the upticks. While publishing this blog, the signals appeared visible. Moreover, Coinmarketcap showed LINK’s price plunged to $8.67 following the exchange supply surge.
Other Fronts
Glassnode presented some updates about Chainlink’s other parts. Moreover, the on-chain site confirmed the Herfindahl Index explored the 0.005 lows. That indicated moderate LINK supply distribution across addresses.
Moreover, that signaled the token balanced weighted wallets on the platform. Thus, Chainlink chose its decentralization ideas demand. Glassnode stated that LINK’s transfer rate enhanced recently. The metric climbed to 9,290, indicating that the investors enjoyed more non-zero Chainlink transactions than in November’s early days.
While publishing this blog, LINK remained around 85.1% from its ATH. The highlighted metrics need more upticks for the token to attempt upsides toward its record peak.
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