Chainlink (LINK) has been in a strong uptrend once again after a drop into the end of July. Just minutes ago, the asset crossed over the pivotal $10 resistance level for the first time in its history.
This comes as Bitcoin and Ethereum have stagnated at their multi-day highs, retracing slightly.
As of the time of this article’s writing, LINK trades for $10.20. And the asset is up 6.5% in the past 24 hours.
Brave New Coin’s Josh Olszewicz noted that there are critical bullish signals for the cryptocurrency despite the already-impressive rally. Olsewicz noted that the transactions per day of Chainlink, active addresses, Google Trends, and price are all at all-time highs in tandem. He that his moving average multiplier target is $13.37.
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Chainlink Pops Past $10
Just minutes ago, LINK passed $10 for the first time in its existence. This latest surge has made the cryptocurrency the ninth largest cryptocurrency in circulation by market cap, touting a network value of $3.54 billion.Chart of LINK's price action since the start of June fromAnalysts seem to be optimistic about the asset moving forward.
Related Reading: Even Though Chainlink (LINK) Spiked to $9, Dave Portnoy Isn’t Buying It
Band Is Also Surging
Chainlink’s surge comes as Band Protocol (BAND), a competitor to the project, has also been rallying. The cryptocurrency gained 50% in the span of five minutes due to a Coinbase listing. Coinbase wrote on August 5th:
“Mon, Aug 10, our BAND-USD, BAND-BTC, BAND-EUR & BAND-GBP order books will enter transfer-only mode, accepting inbound transfers of BAND in supported regions. Orders cannot be placed or filled. Trading will begin on/after 9AM PT the following day, if liquidity conditions are met.”The market seems to be acknowledging a need for oracles, which both projects provide.
Related Reading: Coinbase Takes DeFi Focus as it Looks to List 19 New Crypto Assets
Featured Image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com Chainlink (LINK) Just Surged Past $10: Here's What Analysts Are Saying
