3 Reasons Why DeFi Token Chainlink (LINK) Surged 42% in Five Days

3 Reasons Why DeFi Token Chainlink (LINK) Surged 42% in Five Days


Bids for popular decentralized finance token Chainlink (LINK) increased in the five-day period ending Monday.

The Chainlink’s governance token added $3.42, or 42 percent, to establish a month-to-date high at $11.90 in the said interval. Its gains followed a steep downside correction of more than 60 percent from its record high at $20.53 – and a mildly-stretched consolidation move.

chainlink

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LINK/USD is showing signs of a healthy rebound. Source: LINKUSD on TradingView.com

LINK formed a local bottom at $7.28 on September 23. The level prompted bulls to purchase the token at what appeared to be its discounted rates. As accumulation bypassed capitulation, the price jumped higher, only to hit a stubborn resistance wall in the $10.80-11.16 range.

On Monday, LINK broke above the said price ceiling. The DeFi token is now

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