Why Is Chainlink Soaring Higher Today?

Chainlink (CRYPTO: LINK) traded 11.3% higher at $25.58 in the 24 hours leading up to Tuesday night.

What Happened: The token of a project that allows blockchains to interact with external data feeds through a decentralized oracle network has shot up 22.6% over the last seven days.

Since 2022 began, LINK has shot up an impressive 66.6%. However, the coin has fallen 20.7% over a 30-day period and 18.1% in the last 90 days. 

LINK touched an all-time high of $52.88 in May. At press time it traded 51.2% below that level. 
See Also: How To Buy Chainlink (LINK)

Why It Matters: LINK was up in tandem with major coins at press time as the global cryptocurrency market cap rose 1% to $2.2 trillion.

LINK was included in the list of the “Top 10 Mentions” on Twitter compiled by Cointrendz. At press time, it attracted 742 tweets.

The three most mentioned coins on the list were Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH), and Solana (CRYPTO: SOL). They attracted 5,165, 2,888, and 1,232 tweets, respectively. 

Chainlink attracted high interest from retail investors and was seen trending on Stocktwits at press time. 

In a 2022 kickoff presentation, Chainlink co-founder Sergey Nazarov highlighted how the project has come to secure over $75 billion in total value.

The presentation also focused on its plans for cross-chain interoperability, the upcoming release of staking, and the use of Chainlink as an abstraction layer by Web 2.0 and enterprises.

In a recent update, LINK said its ecosystem grew to more than 1000 projects and it serviced 2.5 million requests for secure off-chain computation.

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