LINK hits $21 – Could a new ATH be on the horizon?

• LINK has hit its highest price level in over a year.
• Chainlink saw surges in social dominance and volume.

Chainlink [LINK] has been persistently extending its price and reinforcing its momentum, aiming to reclaim previous all-time highs.

Concurrently, discussions surrounding Chainlink within the crypto community have also witnessed an upward trend.

LINK climbs to yearly-high

AMBCrypto’s examination of Chainlink’s price trend on a daily timeframe showed a noteworthy development as it entered a new price zone at the beginning of the week.

On the 10th of March, LINK’s price surged to about $21.7, marking an increase of around 8.45%. This price level has not been observed since January 2022, following a substantial decline.

At the time of this writing, the price had declined by over 1%, yet it maintained the $21 range.

Source: Trading View

Additionally, an analysis of the daily Relative Strength Index (RSI) for LINK showed a reading below 63, signifying a robust bull trend.

Since the commencement of its bull trend, LINK has shown a tendency to spend limited time in the overbought zone. This hinted at the potential for further upward movement in its price.

Insights from Lunar Crush highlighted positive uptrends in both social and volume metrics for Chainlink, aligning with the observed surge in price. 

These Chainlink metrics rise

Delving deeper into Chainlink’s market dynamics, AMBCrypto found that its volume on Santiment had surged. The chart showed that, for the second time in March, LINK’s volume surpassed $1.2 billion.

The initial occurrence was on the 5th of March, and subsequently, on the 11th of March, the volume once again exceeded $1.2 billion.

However, at the time of this writing, the volume has climbed to over $1.3 billion, marking the first time this month that LINK has reached this volume level.

Source: Santiment

A further analysis of Chainlink’s Social Dominance showed a significant uptick.

Sitting at almost 1% at press time, this marked the first time in over a month that LINK’s social dominance had reached this level. 

Source: Trading View

LINK’s Open Interest shows bullish signs

AMBCrypto’s look at Chainlink’s Open Interest on Coinglass showed a notable surge in cash inflow over the past few weeks as well.

While the chart displayed a momentary drop, the latest data at the time of this writing showed a substantial increase.

How much are 1,10,100 LINKs worth today?

Standing at almost $558 million at press time, LINK’s Open Interest demonstrated heightened interest and engagement from traders.

This influx of buying pressure is generally considered a bullish sign, hinting at the potential for further price increases.

Source: Coinglass