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Chainlink leads the market with 61% weekly gain — What’s driving LINK price?

Chainlink’s LINK (LINK) token surged by a substantial 61.3% from Oct. 20 to Oct. 25, reaching a peak of $11.78 and marking its highest point since May 2022. LINK’s price then stabilized around $10.50, prompting investors to question the sustainability of this new level.

Chainlink (LINK) token price, 12-hour, USD. Source: TradingView

It’s worth noting that this surge coincided with Bitcoin’s (BTC) 23% gain during the same period. However, LINK’s performance stands out compared with Ether’s (ETH) 14% increase and SOL’s (SOL) 28% rally, suggesting increased bullish sentiment toward Chainlink’s leading oracle and decentralized computing solutions.

  • Chainlink’s upcoming native staking upgrade garnered significant attention
  • Successful initial staking pool filling up in less than three hours
  • Integration into various blockchain networks
  • Chainlink services integrated into Cobo Global, StaFi Protocol, Thales Market, and Xena Finance
  • Vodafone’s involvement in the Chainlink network as a node operator

FTX and Alameda Research bankruptcy liquidation fear dissipates

  • Initial concerns about potential liquidation of digital assets including LINK
  • Gradual transfers from wallets associated with the bankruptcy estate
  • Renewed interest in mid-capitalization altcoins with Bitcoin’s rise
  • Demand for leveraged long positions in LINK reached a three-month high
  • Number of active addresses in the Chainlink network at an 11-month high

This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of coinpostman.

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