With the US midterm elections in place, the crypto market was seen plummeting into the red sea. While several assets managed to bag profitable gains, a few others were sinking deep. Chainlink [LINK] was among the former as it was making headway into $10.
Earlier today, the altcoin managed to surge to a high of $9.20. This was pertinent as this level was achieved back in August 2022. Therefore, this three-month high was extensively sought after by the community.
Prominent on-chain analytics platform, Santiment noted that Chainlink’s latest move was fueled by increased activity in the network.
Santiment tweeted,
“#Chainlink spiked all the way above $9.20 for the first time since August 13th, a ~3-month high despite very volatile markets. This rise has been supported by the largest amount of active $LINK addresses in 5 weeks, and traders are longing aggressively.”
Additionally, it should be noted that Chainlink was among the most purchased tokens by the 100 biggest Ethereum [ETH] whales today.
The increased whale activity as well as the spike in funding rate has clearly pushed the asset beyond $9.20. However, the real question lies in whether LINK would prolong this notion and move on to $10.
Chainlink poised to hit $10?
After rallying to a high of $9.20, Chainlink encountered a slight correction that pushed the asset back to $8.39, at press time. Nevertheless, LINK’s daily price change was at a positive 2.56 percent. This is pertinent as the rest of the market was encountering major losses.
Following the correction that the asset encountered several lost hope. However, prominent crypto analyst Michaël van de Poppe pointed out how the asset could be headed toward $10.
Furthermore, it should be noted that the asset is currently 84.11 percent below its all-time high of $52.88. While the asset was aiming to hit $10 in the short term, the persistence of its current notion could push the asset beyond $12, several in the community speculated.