Chainlink On Fire: Price Nears $18, Profit Ratio Blazes To 2022 Levels
May 26 2024 - 5:45AM
NEWSBTC
Chainlink (LINK), the oracle network powering decentralized finance
(DeFi), is experiencing a solid rise, breaching a six-week high of
$17.40. This surge comes amidst a wave of optimism fueled by the
recent approval of an Ethereum exchange-traded fund (ETF) and
speculation surrounding a potential Chainlink ETF. Related Reading:
Uniswap Shoots Past $10 On 15% Price Explosion – Here’s The Trigger
Transactions And DeFi Dominance Fuel Rally On-chain data reveals a
strong buying sentiment for LINK, with a record 11 profitable
transactions for every one at a loss. This surge in profitability
coincides with the broader market’s positive reaction to the
Ethereum ETF. Analysts believe this approval signals a growing
institutional interest in cryptocurrencies, potentially paving the
way for similar vehicles focused on specific projects like
Chainlink. 🔗📈 #Chainlink has climbed well ahead of the #crypto
pack, quickly surpassing $17.50 for the first time in 6 weeks.
#Onchain today, there are 11 transactions in profit for every 1
$LINK transaction at a loss. This is the highest ratio since Dec.
8, 2022. https://t.co/nILlWsXWNh pic.twitter.com/joMV55V5x7 —
Santiment (@santimentfeed) May 24, 2024 Tomi Point, a renowned
crypto analyst, took to social media to express his belief that
Chainlink could be the next beneficiary of the ETF boom.
Chainlink’s role in bridging the gap between DeFi and traditional
finance makes it a prime candidate for an ETF. Point highlighted
Chainlink’s robust DeFi ecosystem, boasting reliable data
connections to over 20 blockchains, as a key factor driving its
institutional appeal. Technicals Flash Green The current market
sentiment surrounding Chainlink is overwhelmingly bullish. Despite
the Fear & Greed Index hovering in “extreme fear” territory,
most technical indicators point towards a sustained uptrend. As of
May 24th, 2024, a majority of technical analysis tools confirmed a
positive outlook for LINK. Several analysts have weighed in with
bullish price predictions. Digitcoinprice predicts LINK to reach
$37.35 by the end of May, representing a staggering 117% increase.
The overall optimistic outlook is bolstered by LINK’s impressive
performance in the past month, with a price appreciation of over
16%. Chainlink Whales Pour In $16 Million More Meanwhile, this
week’s bullish fluctuations in whale activity on Chainlink are
another important sign that shows how popular LINK and other
Ethereum-hosted cryptocurrency projects are among investors.
Related Reading: Shiba Inu On The Verge Of 600% Rally? Analyst
Weighs In The Santiment graphic above displays changes in the
balances of LINK tokens held by the top 100 largest wallets in real
time. As of May 19, the top 100 Chainlink investors held 701
million LINK tokens. By May 25, they had increased their holdings
by over 1.2 million LINK, totaling 702 million. Featured image from
Texture X, chart from TradingView
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