Chainlink Hits $9.20 First Time in 3 Months, Here's What Propelled Surge

Santiment data aggregator has commented on the recent LINK price jump amid a volatile crypto market.

The team of analysts at the data agency believe there have been two likely reasons that propelled the LINK price surge above $9.

Here's what pushed LINK up

According to a recent tweet posted by Santiment, the LINK price briefly spiked to the $9.20 high that has not been seen since the middle of August. They believe this was driven by the massive activity of LINK wallets over the past month.

Besides, traders have been pushing LINK up by longing this altcoin "aggressively" – these funding rates spiked.

🔗 #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. https://t.co/ZxsZnveURm pic.twitter.com/lia6XAgSar

— Santiment (@santimentfeed) November 8, 2022

At the time of this writing, the coin is trading lower than the aforementioned three-month high, changing hands at $8.50 but still showing a 5.96% rise in the past 24 hours.

LINK inks new partnership as marines await staking

As reported by U.Today previously, on Nov. 3, Chainlink spread the word about a major new partnership; this time, it was with a leading incubator and launchpad for DLT games, NFTs and metaverses: Seedify Fund.

With this partnership, Chainlink intends to support the expansion of the GameFi and NFT spaces using its oracle services.

In the meantime, LINK Marines, as the coin's community proudly calls itself, are looking forward to Chainlink launching staking. Even though the exact date has not been announced yet, LINK whales have been purchasing this coin actively – by the end of October, the amount of wallets with more than 100,000 LINK has come to 459. This is the highest since 2017.