The Chainlink price rose by as much as 5% on Thursday due to the likelihood of higher corporate adoption.
The LINK / USD pair hit the previous week’s high of $ 30 before correcting early in the London session. The uptrend came largely as part of a wider uptrend in the altcoin market. Meanwhile, LINK saw an additional boost from New York-based Grayscale Investments’ overnight buying spree.
Data brought by ByBt.com shows that the crypto investment firm purchased 115,570 LINK tokens for the Grayscale Chainlink Trust from March 17 to April 1. This includes a purchase of 65,570 LINK on Thursday, which coincides with a price pump on the Chainlink market.
An analysis shared by Akash Girimath on FXStreet.com shows that Chainlink is on the rise. The analyst stated that LINK / USD is trading within a symmetrical triangle structure, which increases the likelihood that the pair will record a 37 percent bullish move if the pattern breaks above the upper trendline resistance.
Blockchain data brought in by Santiment, a cryptocurrency sentiment monitoring service, is also showing an upward trend. The platform noted that the number of rich Chainlink wallets stored anywhere between 100 and 100,000 LINK tokens increased during the month of March, indicating a higher buying sentiment.