- LINK’s prices increased with its network activity.
- Some metrics suggested that prices were rising, while others indicated the opposite.
Chainlink [LINK] The price of the stock has risen significantly in recent weeks.
The popularity of the token has risen dramatically in recent years. Bitcoin [BTC] Recent history has witnessed a minor drop in dominance. Take a look closer at the actual situation.
Chainlink State Decoding
IntoTheBlock has recently published a tweet Highlighting a number of interesting developments in Chainlink.
It was mentioned in the first tweet that search trends for LINK were on the rise, which reflected a renewed interest in tokens.
As the number of blockchain transactions increased, this had an impact on its network.
LINK has recorded 5.82k transactions in the last 24 hours, which is near to its highest monthly volume.
It was also interesting to see that the increase in transactions did not help in attracting more users as its address graph had not changed significantly.
As accumulation increased, things seemed good for investors. According to the tweet, most of the net withdrawals were from exchanges. This suggests that accumulation is taking place.
Whales also accumulated LINK as their addresses, which hold over 0.1%, show a total accumulation of 25,000,000 LINK in the last month.
LINK earns investors profit
It was the increase in accumulation that helped start a bull market for tokens. According to CoinMarketCapLINK has risen by 20% over the past week.
It was currently trading for $16.22 and had a capitalization market of more than $9.5 billion.
LINK’s MVRV Ratio registered a huge increase as a result, implying that investors made more money. This was reflected in the Open Interest, which increased with its price.
Santiment has recently published a blog post that is quite interesting. tweet Highlighting the fact that sentiments have shifted in favor of bulls. Chainlink had the highest bullish sentiment for over a full year.
LINK, despite these encouraging metrics, failed to maintain its rally. The token price fell by almost 2% within the last 24-hours.
AMBCrypto analyzed the daily chart to determine if this marked the end of LINK’s bull run with double-digits. According to our analysis, MACD was still in favor of buyers.
Is your portfolio green? Have you checked out your portfolio? LINK Profit Calculator
Moreover the Chaikin Money Flow(CMF) showed a dramatic increase. The latest correction in price could be temporary and LINK’s rally would soon resume.
Bollinger Bands are a set of bands that measure the price movement in relation to the Bollinger Bands.
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Source: ambcrypto.com