The whole of 2019 was filled with crypto activity from the start to the end. Now, this year seems to have taken off from where last year left. It is known that Chainlink (LINK) was one of the best performers in the crypto market all through 2019. In late-June, LINK set fresh all-time highs and it ended the year a lot higher from where it started.
The bullish price action is expected since Chainlink has been driven by a huge influx of trading volume. The large volumes have enabled the crypto’s cumulative on-chain trading volume to rise above $4 billion.
Moreover, the volume may also translate into some bullish price action. One analyst recently noted that in the coming few months, LINK may gain massively against Bitcoin.
On-Chain Volume Increases
The trading volume of this token has been closely linked with its price action over the past year. However, it is still unclear whether this correlation is equal to causation or if it is just the byproduct of the crypto’s large year-to-date growth.
The macro uptrend that has characterized the crypto’s market has enabled LINK’s trading volume to increase past $4 billion for the first time. That is a major milestone signaling that this token might continue to experience buying pressure in the near-term.
A blockchain research and analytics firm, Glassnode, noted recently that:
“Cumulative $LINK on–chain volume has surpassed 4 billion US Dollars.#Chainlink.”
The firm was referring to a chart that shows how LINK on-chain volume has grown massively.
Will LINK Explode In The Near-Term
Currently, Chainlink is trading up just over 3.3% with its current price hovering at $2.25. That is almost the same price as its daily highs that were set on January 13. On the weekly charts, LINK is trading significantly up from its weekly lows of $1.92. Notably, the token has been shadowing bitcoin’s bullish trend over the past several weeks.
For now, it is trading down 2.4% against bitcoin with a price of 0.00026194 BTC. But some analysts are convinced that the token may soon see major gains against BTC in the near term. They speak while referring to a chart showing a multi-month upside target of about 0.000345 BTC.
In the case that this price target is accurate, Chainlink may soon experience massive momentum against the benchmark cryptocurrency. That will enable LINK to surge by almost 30%.