Chainlink And BAND Price Jumped By 20% Overnight: How Could This Affect The DeFi Market?
Chainlink and BAND are ready to continue the rally after the recent short-term pullback. What prospects can DeFi and the crypto market, in general, get from this?
DeFi-related tokens rise in price
The last few days have been unfavorable for most of the altcoins that belong to the DeFi ecosystem. Despite the excitement around this project, several crypto coins under the influence of bearish impulses rolled back in price. In particular, this happened with Maker (MKR). According to the data on the 24-hour timeframe, the crypto-coin left behind the “green” trading zone and fell in price by 9.5%.
Among the DeFi altcoins, some went against the bearish trend and showed an increase in market indicators. Chainlink (LINK) and Band Protocol (BAND) confidently took the leading positions, which in early August were already able to renew their price highs and thereby provoked a surge of interest in themselves. We are seeing a similar situation now: over the past 24 hours, the price of Chainlink and Band has increased by 20%.
The price spike for Chainlink and BAND came after the recent pullback and correction of lower support levels. In particular, Chainlink was down 30% after a 52% jump when the token price hit a local top of $13. The price of the BAND moved almost on par with LINK: after a record rise of 50% to $12, the coin experienced a 40% correction.
What’s in store for the DeFi market?
Lead cryptanalyst Calvin “Spartan Black” Co. sees Chainlink and BAND’s rise in price as positive for DeFi as a whole. He is convinced that DeFi tokens will be able to catch the wave of the rally by the leading oracles and continue their upward trend, as it happened in early August. The cryptanalyst noted:
Thus, the DeFi token rally has an impact on the crypto market as a whole and acts as an additional catalyst to increase trading activity on exchanges.
Will the bullish move continue?
Santiment has provided analysis data showing that LINK’s trading volume levels are rapidly moving up. This trend confirms the predominance of optimistic sentiments among investors to the purchase of a token. Santiment experts commented on this statement:
According to Santiment data, BAND’s quotes and trading volumes also have strong growth potential thanks to a surge in interest in the crypto space.