- LINK’s network activity increased with price.
- While most indicators pointed to continued price growth, there were some that suggested otherwise.
wire mesh [LINK] It has been getting a lot of attention lately as its price has increased significantly over the last week.
Interestingly, the popularity of the token has increased. Bitcoin [BTC] Recently, the dominance has slightly decreased. Let’s take a closer look at what’s actually going on.
Source: CoinStats
Decoding Chainlink state
IntoTheBlock recently posted Tweet There are many interesting developments related to Chainlink.
The tweet began by noting that LINK’s search trend data has increased significantly, reflecting renewed interest in the token.
The growing popularity had a positive impact on blockchain network activity as the number of transactions started to skyrocket.
To be precise, LINK recorded 5.82k trades in the last day, which was close to its monthly high.
However, it was interesting to note that the increase in transactions did not help attract more users as there were no significant changes in the new address graph.
However, as accumulations increased, things looked good in terms of investor interest. According to the tweets, most were net withdrawals from exchanges, suggesting accumulation activity.
Separately, whales are also stockpiling LINK, with whale addresses holding more than 0.1% of the supply showing a net accumulation of 25 million LINK over the past month.
LINK is profitable for investors
In fact, increased accumulation helped the token start a bull market.according to coin market capLINK is up over 20% over the past 7 days.
At the time of writing, it was trading at $16.22, with a market capitalization of over $9.5 billion.
Thanks to that, LINK’s MVRV ratio recorded a significant increase, suggesting that more investors benefited. Open interest also increases with the price, suggesting that the price will continue to rise.
Source: Santiment
Interestingly, Santimento recently Tweet It highlighted the growing bullish sentiment surrounding the token. In fact, Chainlink has been witnessing its most bullish sentiment in over a year.
However, these positive indicators did not help sustain LINK’s bull run as the token’s price fell by nearly 2% in the past 24 hours.
To see if this is the end of LINK’s double-digit uptrend, AMBCrypto analyzed the daily chart. According to our analysis, the MACD remained in favor of buyers.
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Additionally, Chaikin Money Flow (CMF) recorded a sharp increase. This indicates that the latest price correction may be short-lived and LINK will resume its rally soon.
However, the price of the token was touching the upper bound of the Bollinger Bands and looked worrying.
Source: TradingView
