LINK Soars 47% in Past Week; Analyst Predicts Further Upward Trend

Amidst a wider market bull rally, ​​the price of LINK, the native token of the blockchain abstraction layer Chainlink, has soared in the past week. Data from CoinMarketCap shows that the token has seen a significant uptick, far outpacing that of major cryptocurrencies.

On the weekly price chart, the token has added a whopping 48.15% to its value. In the last 24 hours, LINK has seen a 7% surge, although the positive run seems to have hit multiple corrections. At the time of press, the token is exchanging hands at $10.87 apiece.

However, the token’s sudden surge in price has not gone unnoticed. Market analyst and Velvet Capital’s community manager, Slim Daddy, said in a post that LINK is one of the tokens to watch out for as October draws to a close.

According to the analyst, the price analysis of LINK shows the token may sustain its positive performance beyond the week. He continued that we could see further price movement, especially if the token closes above the critical 500+ day resistance at more than $9.6. Data from CoinMarketCap indicates that the token has surged past this level since October 23rd.

Furthermore, the analyst pointed out the surge in whale activity around the token. He stated that whale inflows have remarkably increased since October 12th. Over $9.92 million. According to IntoTheBlock data, LINK has recorded $876.03 million in transactions greater than $100K in the last 7 days.

LINK is one of the top gainers in the past week, falling behind MINA and INJ, which have gained 74% and 49%, respectively. At press time, the token had a market cap of $6.06 billion, ranking it the 12th largest cryptocurrency network in the world.