Chainlink (LINK) Eyes Top 10 as Price Jumps 8%

Chainlink ($LINK), previously struggling to keep up with market performance, is now showing upsides. $LINK'S price increased by 8% during the day, positioning the asset toward the top 10 cryptocurrencies, per the CoinMarketCap hierarchy.

Chainlink trails Tron in market cap

Data from CoinMarketCap shows the price of $LINK jumped 8% within the last 24 hours to trade at $25.75.

The ongoing surge has pushed the market capitalization to $16.4 billion. As a result. Chainklink trades as the 11th-largest cryptocurrency, trailing behind Tron (TRX), which has a market cap of $21.57 billion.

Notably, optimism for Chainlink is still low, as the declining trading volumes indicate. Within the last 24 hours, the trading volume decreased by 36% to $1.35 billion. Intriguingly, Tron's trading volume dropped by over 51% within the same time frame.

This means a substantial uptick in Chainlink investors’ sentiment could help push $LINK toward a top 10 crypto spot. Previous performance shows that Chainlink could easily increase activity and interest in the next few days.

U.Today reported that Chainlink's trading volume increased by 223% in just 24 hours. This spike helped to push the price by over 41%.

Favorable Chainlink metrics

Favorable sentiment has largely influenced Chainlink's latest price action on the broader crypto market.

The market has recovered from Monday's downtrend, demonstrating a 2.5% increase in the past day. Bitcoin (BTC), the flagship cryptocurrency, is up 3% on the daily chart, but it is still down from its all-time high of $105,276.

Network fundamentals, whale accumulation and partnerships also support the recent price surge in $LINK. On Jan. 15, onchain crypto analyst Ali Martinez reported an accumulation of 1.35 million $LINK by crypto whales.

Regarding partnerships, Ripple Labs recently integrated Chainlink's Price Feeds for its RLUSD stablecoin. The partnership has helped to strengthen Chainlink's leading role in decentralized finance (DeFi).