As an experienced analyst, I’ve closely monitored the crypto market, and Chainlink (LINK) has recently caught my attention. While the broader market corrected, LINK rose to nearly $19, marking a 6% daily increase, making it one of the few gainers in this turbulent market.
TL;DR
- While the broader crypto market corrected, Chainlink (LINK) rose to nearly $19, marking a 6% daily increase.
Analysts forecast further gains for the asset, supported by rising whale activity and key partnerships. Metrics show large transaction volume and a shift from exchanges to self-custody, indicating reduced selling pressure.
All Eyes on LINK
In the past few hours, the cryptocurrency market has undergone a correction. Major digital currencies, including Bitcoin (BTC), have experienced significant declines. For instance, Bitcoin dropped from approximately $70,600 to around $68,000 ($67,500 according to CoinGecko’s data).
Although not every cryptocurrency is experiencing a decline, it’s worth mentioning that Chainlink (LINK) stands out as a gainer. Its price approached $19 after a 6% daily growth and a substantial 35% surge over the previous two weeks.
Several analysts have observed the token’s price surge, with some predicting more gains in the near term. In a recent presentation, a X user shared a comprehensive chart illustrating LINK‘s various phases and their influence on its pricing. The trader identified ten distinct stages: disbelief, skepticism, excitement, elation, complacency, fear, doubt, despair, and takeoff.
As a researcher, I’d interpret FLASH’s findings as indicating that the accumulation phase is underway during the last two periods, implying we’re now at the hopeful stage. They anticipate the peak of this stage may occur in the coming days, with a projected price of $24 – noticeably higher than the cycle’s previous top in 2020.
The X user Zach Rynes chipped in, too, predicting that LINK “will continue to be the winner of the tokenized RWA narrative.” His forecast is based on Chainlink’s key partnerships as of late and interaction at “the deepest level” with the global monetary system.
Earlier this month, the Depository Trust and Clearing Corporation (DTCC) – a major American financial services company offering clearing, settlement, and information services – announced a partnership with Chainlink and other market players. This collaboration introduces the Smart NAV pilot project, which seeks to merge blockchain technology into conventional finance systems.
What Are Metrics Signaling?
Some important indicators associated with Chainlink’s ecosystem also suggest a further rally could be in the cards. According to IntoTheBlock data, aggregated LINK daily transaction volume (where each transaction exceeds $100,000) neared the $100 million mark, representing a 130% increase compared to the figure observed on May 27.
The high level of whale activity in this asset could be viewed as a sign of their confidence, which might encourage retail investors to invest as well. This influx of new capital could then lead to an increase in the asset’s price.
Before moving on to our final topic, let’s discuss Chainlink’s exchange netflow, which has mostly been flowing out in the past week. The shift from using centralized exchanges to self-custody solutions is seen as a positive sign because it reduces the urge to sell right away.
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2024-05-28 16:46